If you own expensive jewelry, fine art, collectibles, designer handbags, or high-end electronics, your standard homeowners or renters insurance policy may not provide enough protection. While most insurance policies include coverage for personal belongings, they often come with limits on high-value items, leaving you underinsured in case of theft, loss, or damage.
In this guide, we explore what counts as a high-value item, how much protection is typically offered under standard policies, and whether you need extra coverage to ensure your prized possessions are fully protected.
What Are High-Value Items?
High-value items refer to personal belongings that have a significantly higher monetary or sentimental value than the average household item. These items often exceed the coverage sublimits found in a typical home insurance policy.
Common examples include:
- Fine jewelry and watches
- Artwork and antiques
- Designer handbags and clothing
- Rare collectibles (coins, stamps, memorabilia)
- High-end electronics and musical instruments
- Furs and custom furnishings
- Engagement or wedding rings
- Rare books or manuscripts
If any of your possessions are worth more than a few thousand dollars, they likely qualify as high-value.
Standard Policy Coverage Limits
Homeowners and renters insurance policies typically include personal property coverage, which protects your belongings against risks like fire, theft, or vandalism. However, these policies usually come with sub-limits on specific categories of valuable items.
Example of Common Sub-Limits:
| Item Category | Typical Limit |
|---|---|
| Jewelry | $1,000 – $2,500 |
| Art and Antiques | $1,000 – $5,000 |
| Firearms | $2,000 – $3,000 |
| Electronics | $1,500 – $3,000 |
| Collectibles | $2,500 – $5,000 |
| Furs | $1,000 – $2,000 |
So, if your $10,000 diamond ring is stolen and your policy only covers $1,500 for jewelry, you’re left with an $8,500 loss unless you have additional coverage in place.
What Is Scheduled Personal Property Coverage?
To properly insure high-value belongings, many policyholders choose to schedule personal property—a form of insurance endorsement or rider that provides itemized coverage for specific valuables.
Benefits of Scheduling High-Value Items:
- Coverage for full appraised value
- No deductible (in many cases)
- Broader protection including accidental loss or mysterious disappearance
- Proof of ownership/appraisal required, providing clear documentation
Scheduled coverage often applies to:
- Jewelry and watches
- Paintings and sculptures
- Collectibles
- Sports or photography equipment
- Musical instruments
How to Get Extra Coverage for High-Value Items
✅ 1. Take Inventory of Your High-Value Items
Start by identifying possessions worth insuring individually. Look for:
- Items valued over $1,000
- Unique, rare, or irreplaceable items
- Anything with a high sentimental value
Document each item with:
- Photos
- Receipts
- Appraisals
- Serial numbers
✅ 2. Get an Official Appraisal
Insurance companies usually require a recent appraisal (within 1–3 years) to determine the value of scheduled items. For jewelry, visit a certified gemologist; for art, use a licensed art appraiser.
✅ 3. Talk to Your Insurance Agent
Contact your insurance provider to:
- Review your current policy limits
- Discuss high-value item exclusions
- Add a personal articles floater or rider to your policy
- Receive a quote for the additional coverage
This process is typically simple and affordable, depending on the item’s value and risk profile.
Does Extra Coverage Cover More Risks?
Yes. One of the biggest advantages of scheduling high-value items is expanded protection.
While standard policies only cover named perils (like fire or theft), scheduled items often receive all-risk coverage, which includes:
- Accidental loss (e.g., losing a ring at the beach)
- Mysterious disappearance (e.g., misplacing a painting)
- Damage from everyday use (e.g., a cracked watch face)
This broader protection is essential for items you wear, use, or display regularly.
Cost of Extra Coverage for High-Value Items
The cost of insuring high-value items depends on:
- Type of item
- Appraised value
- Location (some areas have higher theft risk)
- Claims history
- Deductibles (if any)
On average, scheduling an item costs $1 to $2 per $100 of value per year.
Example:
To insure a $10,000 ring, expect to pay between $100 and $200 annually for scheduled coverage.
Do You Need Extra Coverage for Renters Insurance?
Yes. Renters insurance, like homeowners insurance, includes personal property coverage but with similar sublimits. If you’re renting and own high-value items, you’ll need to schedule those items separately.
Adding a personal articles policy to renters insurance is easy and affordable, ensuring that your most valuable possessions are protected even if you don’t own the property you live in.
When Should You Review or Update High-Value Item Coverage?
- After major purchases (e.g., engagement rings, luxury watches)
- After receiving gifts or inheritances
- After significant changes in market value
- After moving to a new home or region
- Every 2–3 years for reappraisal
Failing to update your coverage could leave you underinsured in the event of a loss.
What Happens If You Don’t Get Extra Coverage?
Without scheduling your valuables:
- Claims may be limited to sublimits
- Certain types of loss (like accidental damage or disappearance) may not be covered
- You may have higher deductibles
- You risk financial loss and emotional distress from underinsurance
Don’t assume your standard policy is enough—always check your declarations page and talk to your insurer about exclusions and limits.
Final Thoughts
If you own high-value personal belongings, relying solely on your standard homeowners or renters insurance is not enough. These policies include coverage caps that can leave your most valuable possessions exposed to significant financial risk.
Adding extra protection through scheduled personal property coverage or a personal articles floater is a simple, cost-effective solution to ensure your items are fully insured, no matter what life throws your way.