The Importance of Scheduling Personal Property

Engagement rings and wedding bands are gorgeous to look at, but also very expensive. If you’re one of the 60 million people are married as of 2017, you no doubt have a pricey token of that commitment on your finger.

When it comes to insuring these valuables, the standard homeowner’s policy does not automatically include much of these items under personal property coverage and there are a limited amount of “perils” for items that should be scheduled. Jewelry, or anything of high value, needs to be added on to your policy via a scheduled personal property endorsement.

Our agency recently handled a case where the client went swimming at a nearby beach and lost her $22,000 ring because her hand shrunk in the water. When she went to file a claim, it was not fully covered because the item was not scheduled on her homeowner’s policy. This type of loss can cause a substantial hit to a family and it’s important to learn how to insure against it.

Scheduling Jewelry on Your Homeowner’s Policy

If you lose the scheduled item, you’ll be covered for the replacement of the scheduled item. The insurance company will either pay you the cost to replace, or more likely, they’ll have a relationship with someone who can get you a direct or close replacement to the scheduled item that you lost.

The cost is typically $12.50 per thousand to schedule a jewelry item, which means if you have a $22,000 ring, you’ll pay $150 to insure it, which is a reasonable cost for such an expensive item.

Jewelry Insurance for Engaged Couples

Some engaged couples may make the choice to live separate before marriage. If you give the ring to your fiance for an interim period, they need to insure the ring on their own policy in order for it to be covered. This is because the primary residence of that ring has changed, and the insurance is not tied to the ring itself but rather where that ring resides.

Do you have jewelry that you need to insure? Not limited to just homeowners, if you own a condo or rent an apartment, your jewelry needs to be endorsed as well! Call H&K Insurance at 617-612-6500 to discuss your options today!