You may add jewelry, fine art and other valuables to your home insurance policy.
When you buy a home, condo or renters insurance policy, it will have limited coverage on certain high-value items. To make sure your high-value items are properly protected, you can list them on your policy. This is called scheduling personal property.
Scheduled personal property benefits:
Ensures maximum reimbursement in case of loss
No deductible
Items to schedule – You can schedule any of the following items on your home insurance policy.
Engagement and wedding rings
Other jewelry
Collections (coins, stamps, ceramics, etc.)
Cameras and equipment
Firearms
Furs
Golf equipment
Musical instruments and equipment
Fine art (paintings, rugs, vases, etc.)
Silverware
Computers
Standard homeowners insurance vs. scheduled personal property
Example: You lose your grandmother’s wedding ring while traveling.
Standard homeowners policy:
Value of the ring = $4,000 - $500 for your home policy deductible = $3,500. However, your policy limit for jewelry is $1,000, so that’s how much you’ll receive.
Scheduled personal property coverage:
Value of the ring = $4,000 – no deductible. You’ll receive $4,000 for your lost ring.
Who should insure a valuable gift?
The person who has possession should insure the gift after purchase, before gifting.
The person who has possession should insure the gift after gifting.
Scheduled personal property record-keeping:
Keep all receipts.
Have items appraised.
Add items to your home inventory.
Update the coverage if the value changes.
