Schedule on Homeowner's Policy
Schedule on Homeowner's Policy
Itemising fine jewellery on the household policy to escape the blanket sub-limit
A schedule on a homeowner's policy is an endorsement that lists individual pieces of jewellery by description and appraised value, lifting them out of the blanket personal-property limit and placing them on a per-item insured basis. The mechanism is the standard route by which fine jewellery worn out of the house is properly insured under a homeowner's or renter's policy, rather than left exposed to the modest sub-limit that most unendorsed policies impose on jewellery losses.
How scheduling works
A standard homeowner's policy treats jewellery as personal property but caps the recovery on theft of unscheduled items at a low figure — typically £1,000 to £2,000 in the United Kingdom and $1,500 to $2,500 in the United States. A schedule, sometimes called a personal-articles or jewellery floater, replaces that blanket cap with itemised coverage. Each scheduled piece is listed separately with its description, gemmological details, and appraised value, and is insured for an explicit sum on an all-risks basis.
The all-risks scope is broader than the named-perils language of the underlying homeowner's contract. Scheduled coverage typically responds to loss, theft, mysterious disappearance, accidental breakage, and damage outside the home, and is often written without a deductible. The trade-off is the requirement for a current appraisal — usually within the last three to five years — and a per-£100 or per-$100 premium that varies by territory and risk profile.
What an appraisal must establish
The schedule depends on the appraisal document. A usable appraisal identifies the metal, its purity, and its weight; the principal gemstone by species and variety, with weight, measurements, cutting style, and a description of colour and clarity; any treatments disclosed under AGTA terminology; and the laboratory document, if any, that supports the identification and treatment status. The appraisal then assigns a replacement value at retail, against which the carrier writes the schedule.
Replacement value is not the same as fair-market value or auction estimate. It is the cost the insured would face in replacing the piece at retail through a comparable jeweller, and is therefore the appropriate basis for scheduling. Underinsuring at fair-market value can leave a gap if a loss occurs and a like-for-like replacement is sourced through normal retail channels.
What the schedule covers and what it does not
A scheduled piece is normally covered worldwide and at full insured value, subject to the policy's settlement clause. Some carriers settle on a stated-value basis — paying the listed amount on a total loss — while others reserve the right to replace with a comparable item or to pay actual cash value, which can be lower. Buyers should read the settlement clause carefully and prefer carriers with stated-value or replacement-cost wording for important pieces.
Wear-and-tear, gradual damage, and inherent vice are excluded. Loss of a stone from a worn or damaged setting may be excluded unless the schedule includes specific endorsement for such losses. Pair-and-set clauses can complicate matched earrings and tennis bracelets; clients should ask whether loss of one earring triggers settlement on the pair.
In the trade
For clients who buy fine jewellery from us, scheduling is a routine and largely unavoidable step. The retail invoice plus an independent appraisal is the standard documentation package the carrier requires. Sceptical underwriters may want a second opinion on origin or treatment for stones above a threshold value, and a laboratory report from GIA, AGL, Gübelin, SSEF, or Lotus Gemology can resolve those questions cleanly.