Asked by Erin  |  Submitted July 29, 2013

I was bequeathed my grandmother's jewelry. Should I get insurance for it? How do I cover it?

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  Answers  |  1

July 29, 2013

Yes! First you would have the items appraised, then provide the written appraisals to the insurance company to properly insure them. The items can usually be added to your homeowner's policy (including renters and condos) as a "Scheduled" item. This is when an item is insured for an appraised amount (for an additional fee). Sometimes the value of an item may be so great that it has to be insured under a separate "Inland Marine" policy.

The standard homeowner's policy (including renters and condos) includes a limited amount of coverage for "unscheduled" jewelry. This is around $1,500 in total. It is important to know the value of your jewelry, watches, furs, gemstones, etc. to determine if they all should be scheduled for their value. When items are scheduled, they are not usually subject to a deductible if there is a claim. The insurance company will often try to have the item replaced if it is lost or if a stone falls out. If they are unable to duplicate the item for the amount it is insured for, they will usually pay the claim based on the insured value. Diamonds and some gems increase in value with age so it is in your best interest to have your scheduled jewelry appraised every 5 years or so to be sure you stay properly protected.

Other items you can "schedule" are golf clubs, fine art, camera equipment, and even hearing aids. If you schedule breakable items it is important to be sure your policy includes breakage coverage. This covered peril is not automatically included.

Special terms and conditions apply to "scheduled" items so you should review the Schedule Endorsement. This will explain how a claim will be handled.

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