Put valuables and unique items on a schedule

Don’t make the mistake of thinking that these special items will be fully covered under your standard homeowner’s policy.

Even the best homeowner’s policy will have limitations as to what it will reimburse you for loss of, or damage to, valuable items such as jewellery, furs, stamp and coin collections, crystal and silverware, art and drawings, etc.

So you would do well to speak to your insurance provider about “scheduling” these items. This involves adding an endorsement to your existing policy that increases your coverage for these possessions.

By “scheduling” items, you cover them against not only theft, but also simple loss. If you accidentally walk away form your Rolex watch, your typical homeowner’s policy would insure your timepiece only against theft, not against a loss resulting from your forgetfulness. But if you have “scheduled” the watch, it may be a different story (check with your insurer on limitations). Scheduling valuable personal items will certainly add to the cost of your insurance. But it may be a small price to pay compared to losing a possession that is worth much more than the limit specified in your homeowner’s policy. Though you suld verify this with your insurer, the fact that scheduled items are not usually subject to a deductible is a nice advantage.

Your insurer may ask you to have an appraisal done on the property you wish to schedule, if its value exceeds a certain amount. Remember that dollar limitations on your homeowner’s policy will vary from one insurer to another and there are also variations in the types of property covered under the different limits, so be sure to clarify these points.

Lastly, you should know that you won’t receive a cash settlement for the value of a lost or stolen treasure. For example, that Rolex was insured for $7,500, your insurer is only obligated to replace your watch with one of “like quality and kind”. If they can accomplish this for less than $7,500, so be it. As a final caution, remember to keep any important receipts and bills of sale. You may still need to prove your ownership of the item.