Homeowners Insurance

[mikecollins]

Have two questions,
The first question is do I have to report schedule C covered items or is it enough if I have records of these items in my house and in my possession like receipts and photos?

Second question, I want to get a rider or endorsement for jewelry, my wife's engagement ring is costly to replace. What can I expect for coverages for this? Would the ring be covered only if it's lost / damaged or stolen in the house? or would it have coverage all around the world?

Debating between a standalone vs endorsement on the homeowners for the jewelry. please share and educate me.

 

[adjusterjack]

The first question is do I have to report schedule C covered items or is it enough if I have records of these items in my house and in my possession like receipts and photos?

I'm not sure what you mean by "report...covered items." From a claims standpoint, purchase receipts and photos suffice and make a claims rep very happy.

What can I expect for coverages for this?

Insurance companies, to be competitive, often include a Replacement Cost - Personal Property endorsement. Sometimes free, sometimes at an additional cost.

Read the attached policy and the endorsement.

I want to get a rider or endorsement for jewelry, my wife's engagement ring is costly to replace. What can I expect for coverages for this? Would the ring be covered only if it's lost / damaged or stolen in the house? or would it have coverage all around the world?

The HO policy has limited coverage for theft of jewelry and certain other types of property. $1500 for jewelry in the sample below. Though damage is covered in full and all applicable coverage is "anywhere in the world."

Again, to be competitive, insurance company include a catch-all endorsement increasing those limits, usually by doubling them.

Debating between a standalone vs endorsement on the homeowners for the jewelry. please share and educate me.

It's typically called a Personal Articles, or Jewelry, Floater. It can be a separate policy or an endorsement to your policy. Plenty of information at these search results.

personal articles jewelry floater at DuckDuckGo

You would list each item separately, with an amount of coverage. You would submit photos and a description. More expensive items could require an appraisal.

 

[fed up]

Look at Jewelers Mutual and ask yourself this question: Will the loss of this item be devastating or an inconvenience?
SPP(Scheduled Personal property) protects against "mysterious loss" while most standard policies do not. A stand aline policy and subsequent loss claim will have no affect on your homeowners policy.