Masters & Associates Blog

What does it mean to schedule jewelry on an Ohio Homeowners Insurance Policy?

• Standard homeowner policies typically provide some coverage for jewelry.  However, the coverage provided is usually limited.  You may lose your $5,000 wedding band set, and your homeowners policy as is only provides up to $1,000 or $2,500 in coverage.  Your $500 deductible applies, and you end up receiving $500 or $2,000 for a piece of jewelry valued much higher.

• Scheduling your jewelry is simply listing it on your policy at an appraised value.  Your Ohio Insurance agent will need an appraisal of the jewelry you wish to schedule or list, and they can add it to your policy at the appraised amount.

• NO DEDUCTIBLE.  A deductible does not apply in the event of a loss. 

:::::KEEP IN MIND:::::

• Just because you have a diamond necklace appraised at $3,000, and listed on your policy for $3,000, does NOT necessarily mean you will receive $3,000 from your insurance carrier.  Yes, your insurance provides coverage up to $3,000, but if the Insurance carrier can find that same necklace (identical in like, kind & quality) for $2,300, you may receive the lesser amount.  (Fortunately, a lot of carriers trust your judgement, and will respect your choice in replacement.

• Keeping the last note in mind, don't over-insure your jewelry.  You are paying a premium to have your jewelry scheduled on your policy.  A high appraisal, beyond the value of your jewelry, is not beneficial.

• Have your jewelry reappraised ever 2-4 years to ensure fair market value.