Appraising and scheduling jewelry, art and collections

Jewelry and art count as personal property, like furniture and clothes, but home policies limit what they pay for them. A scheduled endorsement lists items one by one, and an appraisal sets each one's value.

The limit on a standard policy

A standard policy sets lower limits on certain kinds of belongings, such as jewelry, silverware and furs. Renters policies work the same way.

Scheduling an item

The add-on is called a scheduled personal property endorsement, a rider or a floater. It's for items worth more than the policy's normal limits, such as jewelry, furs, stamps, coins, guns, computers, antiques and art. Your agent can tell you what your own policy pays for each kind of item.

The appraisal

Insurers want a credible, professional appraisal before they approve reimbursement, and photos and memory alone aren't enough. Of the kinds of value an appraisal can state, replacement value is the one used for insurance coverage. A report states the kind of value, describes the property, explains how it was valued, and carries the appraiser's signature and qualifications.

A proper valuation of jewelry or other personal property can take several weeks. Each appraiser sets their own fee, often by the hour, half day or full day. Don't use an appraiser who charges a percentage of the item's value.

Keeping it current

An appraisal is usually updated every two to three years, so ask the appraiser how often at the first valuation. An update usually changes only the value. Keep the latest appraisal with the policy, and a copy with the photos.

An annotated example

What to do next

List your jewelry, art and collections, with a photo of each. Ask your agent what your policy pays for jewelry and art, and whether any item is scheduled. Keep each appraisal with your policy, and note its date. Store a copy of the list and the photos outside the house, such as in a safe deposit box or online, and update it when you buy something new.