Scheduled vs Blanket Jewelry Coverage

Insurance coverages are full of industry jargon and terms that were defined 100's of years ago, which makes understanding coverages overly complicated. A very important one to understand in your homeowners or renters policy is your jewelry coverage.

The standard home insurance policy has a sublimit of $1,500 for valuables like jewelry and watches (this can vary by state and carrier). If your jewelry collection is worth more than $1,500, there are two ways you can increase coverage - adding blanket coverage or scheduling the individual items. Here's how to decide which is best for you.

  • Blanket Coverage.  You can often just add an endorsement to your home insurance policy that increases the sublimit for certain classes of valuables. This is an easy way to purchase extra protection without sending in an appraisal for every piece of jewelry. Let's say you estimate your total collection to be $10,000, which consists of many pieces valued between $500 and $2,500. Then this is a good way to go.

    Pro-tip: check if there is a max-per-item limit. It's common to have a max of $3,000-$5,000 per item in a blanket jewelry coverage add-on. 
     
  • Scheduled Personal Property. "Scheduling" your valuables means you are individually listing each one on a schedule, and this is common for higher value pieces like engagement rings. For instance, if you have a $9,000 engagement ring but you chose to purchase blanket jewelry coverage that included a $5,000 max per item, you would be out $4,000 if something happened to the engagement ring. Note, insurance companies will likely require a recent appraisal for any piece over $10,000.

No matter which coverage you purchase, it's a best practice to document of all your valuables to make the claims process easier if the worse does happen. Receipts and photos are a good start. While it is a pain to store, you can save yourself lots of future hassle. Below are the common personal property sub-limits for other common valuable items as found in our learning center.

  • Jewelry - $1,500
  • Furs - $1,500
  • Electronics - $2,500
  • Musical Instruments - $2,500
  • Silverware - $2,500
  • Golf Equipment - $2,500
  • Fine Arts - $2,500
  • Postage Stamps - $2,500
  • Coins - $200
  • Firearms - $2,500

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At your service,
Young Alfred