A standard homeowners policy includes coverage for jewelry and other precious items for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. However, chances are pretty good that piece of jewelry or item is worth more than policy limit, or the minimum the insurance policy will pay in the event of a loss.
In these situations, you should schedule each piece or item (listing each separately) for the retail or appraised value. This offers broader protection because then your policy will cover losses of any type, including accidental losses (such as dropping your ring down the drain of the kitchen sink) that your homeowners insurance policy would not cover.
Before purchasing this special coverage, the items covered must be professionally appraised. We might not be able to insure the sentimental value of that special piece of jewelry or item, but at least if you have it covered, you will be financially insured if the need ever arises to replace it.
Items that can be scheduled (listed specifically) include Fine Arts, Jewelry, Furs, Musical Instruments, and Cameras and Related Equipment.
As with all insurance, it is important to understand what is included and what is not. Contact your local FUIA agent today to make sure you are getting the coverage you need and want.