Question 1

When do we need to schedule an item separately?

Accepted Answer

Any time the item exceeds the homeowners per-item sublimit or the blanket per-item cap on the valuables policy — typically jewelry above $5,000, art above $10,000, and any collectible with appreciating value. We map the inventory before the next renewal.

Question 2

How often do appraisals need to be updated?

Accepted Answer

Every three to five years for most categories; annually for watches and jewelry in rapidly appreciating markets. Stale appraisals lead to underinsurance — the policy pays the scheduled amount, not the current market value.

Question 3

Does the policy cover items kept in a safety deposit box?

Accepted Answer

Yes — and most carriers offer a discount or premium credit for items kept in a vault or safe deposit box. We document storage locations on the schedule so credits apply.

Question 4

Are wine and spirits covered the same way as fine art?

Accepted Answer

Most carriers write wine on a specific cellar form, with refrigeration breakdown, mechanical breakdown, and contamination perils included. The cellar valuation needs to be updated as the collection rotates.

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