You may have received or given fine jewelry gifts during the holiday season. You need to make sure you talk to your insurance agent about documenting and scheduling jewelry and watches. Depending on the type of homeowners’ policy you have, expensive jewelry and watches may not be covered, or they may have limits on the coverage.

Other than theft, the most frequent scenarios of loss usually happen like this: you took your ring off, put it somewhere, and can’t find it; a clasp broke, and your bracelet or necklace disappeared; the back fell off of one of your diamond earrings, and it’s gone; or you notice a diamond missing out of your engagement ring.

Many policies include additional coverage for watches, jewelry, and furs, which protect them from many of the above situations. A claim, though, would require your deductible to be paid, and there’s usually a per-item limit of $1,500 to $2,500.

The best plan is to schedule your valuables requiring an extra premium but that covers the items for the amount scheduled with no deductible applied. The documentation required to schedule these items varies with companies.

Your agent will need to know:

• A description of the article, including mounting.
  
• Carat weight of major and minor stones. If it’s a necklace, carat weight of chain is needed.
  
• Cut, type, and shape of major and minor stones.
  
• Color classification.
  
• Brand name, if applicable.
  
• Purchase price and date of purchase if known.

The description also needs to include the insuring value based upon the description source and may include sales tax. Your agent may request a close-up photo, which is a good general rule for the insurance company and helps protect against fraudulent claims.

There are other schedule endorsements that can be added to your policy for things such as camera equipment, musical instruments, golf equipment, firearms, and portable tools and equipment. Equipment used by professionals is ineligible for this type of coverage.

If you aren’t sure whether you need to schedule something, get out your policy and find Coverage B- Personal Property. Many of the perils listed have coverage exclusions that can be included with the scheduled property endorsement. The homeowner policy is rather complex, so you really need to call your agent with any specific questions about coverage. TPW