February is all about expressing love and sometimes that means giving something special. Maybe it’s a diamond necklace, a designer watch, or even an heirloom passed down through generations. These gifts aren’t just meaningful, they’re valuable.
But here’s what many people don’t realize: standard homeowners or renters insurance may not fully cover high-value items if they’re lost, stolen, or damaged.
Why Standard Coverage May Not Be Enough
Most homeowners or renters policies include coverage for personal belongings. But for expensive gifts or items, like jewelry, collectibles, fine art, or high-end electronics, there’s often a coverage limit. For example, your policy might cap jewelry theft coverage at $1,500, regardless of the item’s value.
That’s where scheduled personal property coverage comes in. It allows you to individually insure high-value items for their full appraised worth. This type of coverage:
- Provides full replacement value for specific items
- Covers more risks than standard policies (including mysterious disappearance)
- Has no deductible in many cases
What Types of Gifts Should You Consider Scheduling?
- Engagement or wedding rings
- Diamond earrings or tennis bracelets
- Fine watches or luxury handbags
- Art, antiques, or collectibles
- Designer furniture or rare memorabilia
What You Can Do Right Now
If you’ve recently received or gifted something of significant value, now is the perfect time to:
- Get the item appraised
- Review your homeowners or renters policy limits
- Contact your insurance advisor to see if additional coverage is needed
Protecting high-value items isn’t just smart, it’s part of protecting the life you’re building with someone you love.
Not sure if your valuables are fully covered? Let’s review your policy together, contact Professional Insurance Programs at 800-637-4676 or info@profinsprog.com.