Recently a woman walked into the gym and she asked if anyone had found a diamond necklace. My instincts, as an insurance agent, were to ask her if she had scheduled the necklace.  If she had the necklace sheduled, it would be covered for mysterious disappearance.  

Under most homeowners insurance polices (please check yours) jewelry and other items of value (guns, antiques, art, rugs, silver, etc) all are covered, but some carry limits of coverage on the peril ”theft.” They will typically be covered in case of a fire or a hurricane, but under theft, there are usually limitations. 

That is where scheduling comes into play. You schedule an item by getting a receipt or a recent appraisal of the item to your insurance agent. Check with your agent to see what is required by your company to schedule an item.  This could be on any number of high value items, but usually done on Jewelry, guns, antiques, art, rugs, silver etc.  The scheduled item is given a premium and added to your insurance policy as a rider.  Many scheduled items will be covered for “mysterious disappearance,” and that lost necklace or diamond in your ring, is covered if it comes up accidentally missing. Usually a scheduled item has a seperate deductible, so you need to decide how much risk you are willing to take and set a deductible. (remember, deductible is how much you are willing to pay up front in case of a claim. The higher the deductible, the lower the premium!)

It may cost you a little to get a recent appraisal on an item, but it is well worth the cost to avoid the risk of losing something precious because it was not insured properly.  Check the limits of coverage on your own insurance policy and make notes of the items that have limitations. Then go through your own contents and schedule those items to be covered adequately.

Remember, please consult your personal insurance agent and seek their recommendations and advice. If you need more information on scheduling or would like to consult an agent about home, renters or condo insurance, please call The East Cooper Insurance Agency and we will help you.

Philip L. Bradley

Philip L. Bradley is a licensed insurance agent and personal financial representative in the state of South Carolina. He is the CEO of The East Cooper Insurance Agency in Mt. Pleasant, SC. 843-881-2886.

Please consult your own insurance agent and legal advisor before making any financial or insurance decisions.