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In response to
"Pippy's right - schedule it - cost about $13. per thousand and you have coverage for things like missing stones, lost ring, theft - and no deductible -- nm"
by
JenBro
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regarding State Farm - they typically don't add schedules or riders to their home policies, hence have a separate Inland Marine policy for jewelry -
Posted by
JenBro
Apr 27 '12, 09:42
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the Inland Marine form it's insured under is usually the same as the scheduled form rider added to the home policy as an endorsement. Most of my companies can add things to the home policy - like jewelry, boats, snowmobiles, etc. - but State Farm has always issued separate policies for everything - including cars - each owned vehicle has it's own separate policy and number.
keep in mind - whichever one you pick - the schedule or separate policy - they never pay more than the limit you set (appraised value usually) - so be sure to get the item re-appraised every 5-10 years (depending on what it is) so that your limit stays current. I had one client in his 70's who gave his wife a perfect diamond some 45 years earlier and when they updated the appraisal they had the shock of their lives - the ring that was on my policy for $3,500. was actually worth $44,000. !!! My local appraisor had never seen a perfect diamond before ever like it. :) the wife was thrilled and even came in with the appraisal to tell me I had made her feel like a very wealthy lady! hee
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