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HOME : Just the FAQs Ma'amJewellery SchedulesI have some valuable jewellery that I inherited from my grandmother. My insurance broker tells me I should have it "scheduled," whatever that means! I thought it was already covered under my homeowners policy -- and now I'm supposed to pay more to have it "scheduled?" How come? That's a gem of a question, but there's a good reason for scheduling your jewellery -- and it has nothing to do with timetables! Picture this. You come home from a night out at the movies, only to find that your house has been broken into and all your valuable jewellery stolen. You call your insurance broker, who informs you that your jewellery is covered for only $2,000 on your homeowners policy if it was stolen. And yet, you know it was worth much more than that. That's where scheduling comes in -- to fill the gap between what your typical homeowners policy covers and the value of your jewellery. "Scheduling," in insurance lingo, is an optional "extra" that beefs up your insurance coverage. You would schedule items like jewellery or furs, so you could recover their current value if they were damaged, lost, or stolen. Your homeowners policy generally pays only up to a limit of $2,000 for a theft loss, so if your jewellery is worth more than that, you should have it scheduled. Another advantage to scheduling is that usually, you do not have to pay a deductible (the portion of the claim that you agree to pay) in the event of a loss, as you would for a claim under your homeowners policy. You should also have your valuables appraised, so you know how much insurance you need. Be sure to keep the appraisal up to date, as your jewellery may appreciate in value, and you want to have the appropriate amount of insurance. (Conversely, if it depreciates, you could be paying too much to insure it.) Also, keep any receipts to verify ownership of your valuables. This is particularly important for items like camera equipment that you would not normally have appraised, since it probably will depreciate in value. Finally, keep all your valuables locked up, either in a safe on your premises, or in a safety-deposit box. While you can buy insurance to cover the cost of replacing your precious heirlooms, you can never replace their sentimental value. Note: The preceding information is based on the Insurance Bureau of Canada's guideline wordings. Remember, policies vary, so when in doubt, Contact Us.
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