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QUESTION: I own some priceless pieces of jewelry. I inherited it from my grandparents. My insurer keeps on repeating that I need to "schedule" it. I am not sure what it means but I know for certain that I am supposed to pay extra now to have it done. I thought the jewelry was already covered under my homeowner policy. Please explain why I have to pay more.

ANSWER: That is a tough question, but surely a good one. Yes, it makes sense to schedule your jewelry and believe us; it has absolutely no relation to timetables. Let us give you something to consider. You return back home from a fun night out at your friend’s house, you open the door and realize that your home has been broken into and all of your valuable stuff is stolen, including your precious jewelry. The first thing you do – you call your insurance company and the insurer lets you know that your jewelry is only covered for two thousand dollars on your homeowner policy if stolen. And the most upsetting part of the story is that your jewelry is worth so much more that this. That is what scheduling is for. It will fill it the space between the homeowner policy covers and the real estimating value of your precious stones.

“Scheduling “has its own special meaning in the insurance lingo. It means “extra” sum on your insurance coverage. People usually schedule stuff like furs and diamonds in order to receive back the money for the goods if they were lost, stolen or damaged in any circumstances at home. The homeowner’s policy has a limit of 2000 dollars for a theft loss, so if your personal belongings are worth more that 2000 dollars, you should get it scheduled. There is also another little advantage to scheduling – you don’t have to pay a deductible in the case of a loss, unlike with the homeowner’s policy.

You also require having your valuables appraised to make sure you know how much insurance you need. Keep the appraisal up to date, as your jewelry may be worth much more than before, and you want to have the appropriate amount of insurance. Also, keep any receipts to verify ownership of your valuables. This is particularly important for items like camera equipment that you would not normally have appraised, since it probably will depreciate in value. Keep all your valuables locked up in a safety-deposit box. Don’t leave them around the house thinking that the insurance will pay for everything. Of course, with the scheduling it will happen, but believe us, some personal items have a more specific value – they can be replaced but not forgotten.

Please keep in mind that home insurances do differ, and if you need something to match your preferences – please consult the home insurance representative.


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