The advantages to scheduling valuable items on your homeowner policy or insuring them separately in some cases on their own policy is having the broadest possible causes of loss covered and having no deductible apply to that loss.
The one negative is most companies do not accommodate for inflation if the item increases in value. In other words, if your scheduled engagement ring’s diamond increases in value you only collect the scheduled amount. To offset this risk it is best to have your scheduled items re-appraised every 3 to 5 years, most insured’s do not do this because of the cost and inconvenience but it is recommended.
Many items can be scheduled on your homeowner policy such as: jewelry, fine arts, antiques, collectibles, golf clubs, silverware, cameras, and musical instruments to name a few.
Depending on the particular type of item/collection and value of the item/collection a detailed description and/or a bill of sale or a recent appraisal (within last 3 years) by a certified appraiser is enough to obtain coverage.
Please discuss with one of our agents any scheduled item coverage you maybe interested in.