Did you know that most homeowners and renters insurance policies have a limit on items such as jewelry, cameras, firearms, collectibles, etc.?

You could have $250,000 coverage for your personal property, however there are underlying limits, meaning for example only up to $5,000 or $10,000 out of that full $250,000 will pay out for your jewelry.

So how do you make sure your jewelry and collectibles are covered? Well, you have two options: see if it's possible to increase those underlying limits, or ask about scheduled personal property.

Increasing underlying limits

If you choose the route of increasing the underlying limits, it's a good idea to keep a list of the items you own and their values, and remember that if these items are lost or damaged in a covered claim your deductible will apply.

Scheduled Personal Property

If you choose the route of scheduled personal property, make sure you have appraisals and descriptions of all the items you wish to schedule. We always recommend this option because your items have very broad coverage when you schedule them, whether they're lost, stolen, damaged, almost whatever you can think of. And the best part: no deductible.

P.S. - It's always best to talk to your agent or insurance company to see what they recommend for your specific situation.