A lot of people have a drawer in their house that has a collection of items that may include lesser-valued jewelry that they feel is not worth insuring on their policy. However, they would certainly be upset if they ever lost one of those items.
For this type of jewelry, there is an option on your Jewelers Mutual Group personal jewelry insurance policy called “Unscheduled Jewelry Coverage.”
Scheduled vs. unscheduled jewelry coverage: what’s the difference?
Many policyholders get confused by these two types of coverage.
- Scheduled jewelry refers to the items listed on your policy and shows the description and the specific limit of insurance for each item.
- Unscheduled jewelry works more for a collection of smaller-valued items like watches, for example. There is a set deductible amount and a ceiling of coverage. Unscheduled jewelry are items valued at less than $1,000 each that are insured, but not individually listed on the declaration page of the policy. The highest coverage amount available is $5,000.
(Lower-valued bracelets or necklaces are also good examples of what some people choose unscheduled jewelry coverage for.)
How do you qualify for unscheduled jewelry coverage?
- You must have at least one scheduled item in order to have unscheduled jewelry coverage. Unscheduled jewelry coverage is limited to loss and damage as the result of specific causes, such as theft or fire. Unlike scheduled jewelry coverage, unscheduled coverage does not cover disappearance or loss, unless it’s the result of a specific cause as mentioned above.
- There would also be an automatic $100 deductible for each occurrence of loss or damage.
Do you have enough jewelry insurance?
If you have a jewelry item valued at more than the $1,000, you may want to consider scheduled coverage as opposed to unscheduled coverage so the item is covered to its full value. Click the button below to check your rate.
