If you own a piece of jewelry of significant value, you might have to file an insurance claim in the event it goes missing due to a covered accident. Would you have enough coverage from your Homeowner’s Insurance policy? Most likely, not. It will provide some coverage, depending on the type of policy and additional endorsements you purchased. In case the coverage limits are not enough, you can purchase a blanket coverage or schedule the items you want to insure individually on the policy. Both of the options allow you to have higher coverage limits in order to protect your assets in the event of a loss.

Blanket coverage provides a certain amount of coverage, a limit, for a class of property, as well as an additional sub-limit per item. For example, if your blanket coverage offers a limit of $5,000 for valuables, then there might be a sub-limit of $1,000 covering specifically jewelry and watches. If you have a number of valuable items worth under $1,000 each, blanket coverage will be a good option for you to have higher coverage limits.

Scheduled coverage involves more preparedness and organization on the part of insured. Moreover, it is usually more expensive compared to blanket coverage. To insure jewelry on a scheduled basis, you will need to create an itemized list of the items you want to insure and provide it to your insurance carrier along with documentation stating the value of the items. This way, each of your items will be insured separately, according to individual values listed on the policy. In the event of a total loss due to a covered accident, you will be reimbursed for the value agreed on in the policy. If you lose one item from a set, for example one earring, you will most likely receive reimbursement for both items from the set, although you will have to leave the remaining one with your insurance carrier.

 

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