Happy Valentine’s Day! As we celebrate our loved ones with cards and flowers and candy, we need to remember that some of our more expensive items might need special insurance coverage. So if you got that special someone a new ring or necklace, talk with your insurance agent to see if you should schedule your jewelry.

What does that mean? Most homeowner’s policies have limits on the amount of coverage for certain personal items (guns, jewelry, silverware). A standard home insurance policy has $1500 for theft only on jewelry, both on and off premises. In other words, if you have a $5,000 engagement or wedding ring, and it gets stolen from your house, you will get $1500 to help replace it. The coverage also applies if you are away from the house. So if you’re on a vacation to Paris, and the ring is stolen from your hotel room, again, you would get $1500 towards replacement. Some policies have better coverage, and offer more than $1500, but again it depends on your policy. Also, if you have multiple items that are stolen from your jewelry, you would only get up to $1500 per occurrence (not $1500 per item).

Also, depending on how your policy is set up, if there is a different kind of claim—a fire destroys your home and melts your rings, or a tornado takes your jewelry hundreds of miles away—most policies will provide either coverage for full replacement (with an appraisal for the item showing the value), or Actual Cash Value, which is the replacement cost minus depreciation.

So to ensure your items are fully covered, companies offer the opportunity to “schedule” your items. This means that you get all items appraised, and submit a list to the company, and they will then provide coverage for that amount. Again, depending on the company, they can do “agreed value” where you and the company agree on an amount for coverage; or they can do “appraised value” which requires a full appraisal from a jewelry appraiser.

As is the case with all insurance, each policy and each company is unique. Please contact your insurance agent to review your policy, and what coverage you have and what is available. They will be able to work with you to determine the best option for your specific situation.

Each insurance policy is unique. While some generalities can be made, each situation should be reviewed on a case-by-case basis. This is not considered advice on any specific insurance matter. Please contact an agent to discuss any concerns you may have.