Homeowners and renters policies provide coverage for personal property as part of the package. However, theft coverage for jewelry is very limited. A jewelry “floater” is an optional coverage that provides broader, and specific piece by piece coverage for individual items of jewelry. While most jewelry insurance is written on an “Actual Cash Value” basis, we have found this to be a source of disappointment for clients when they have a claim. For example, you may be paying a premium based on a $10,000 value, but only receive $5,000 in settlement if the company selling ACV jewelry can replace your item for this lower amount. All of our primary companies offer “valued” jewelry coverage, which ensures specific items for a pre-agreed upon value. The difference in premium is such that we only quote valued coverage when it is available.

Whereas jewelry coverage (theft) is severely limited in a homeowners policy, fine arts have no such internal limit. If the personal property coverage on your homeowners policy is sufficient for all your belongings, including fine arts, you may not choose to schedule individual items. However, if you are concerned about breakage (i.e. blown glass), then it is wise to not only schedule these items, but to also make sure they are scheduled for breakage.

Whether jewelry, fine arts, or any other category of scheduled personal property, there is usually no deductible, the causes of loss to which coverage applies is typically broader, and the amount of coverage purchased is in addition to the personal property dwelling limit on the homeowners policy.