If I Lose Just One of My Diamond Earrings That I Scheduled, What Happens?
Scheduled Insurance and Jewelry
When you have scheduled insurance, where you have itemized various items of value within your home, it is important to understand what happens if one of those items is lost so that a claim can be filed and you can obtain the necessary money to make a replacement.
With many items that you may schedule, there is simply one item in question. For example, you may schedule a piece of art that has a single value. If it is lost or stolen, then the entire piece of art will need to be replaced.
Diamond earrings are a little bit different because they are a pair. If you were to lose just one of your diamond earrings that were scheduled, the claim is going to be a little bit different. You already have one, but you are missing the other. There may be specific details about this within your personal and high value belongings insurance policy.
Generally, the value is going to be determined differently because of still owning one of the earrings. It is considered feasible that you would be able to make a replacement of a single earring and therefore only half of the value would be provided to you during a claim. You could then choose to sell the other earring in order to obtain the money to buy a new set or you could work with a jeweler in order to find a single earring so that you have a complete set once again.
This can be the difficulty with scheduled insurance and you will want to talk to your insurance agent in order to find out how these kinds of claims operate. This is why some people choose not to schedule on their insurance policies and why it can be difficult to make a claim with certain items. Ultimately, you have to decide what the best option is when a piece of jewelry goes missing.