The Insurance policy you have for your home, apartment or condo protects your personal property on what is called a named peril basis.  This would eliminate coverage for loss by mysterious disappearance or misplacement, stones lost because of a damaged setting, musical instruments damaged by a spill, glass artifacts knocked over and broken and other real life situations.  Certain items also have limits for theft such as $1,000 for jewelry, furs and watches, $2,500 for silver and/or silverware.  A Valuable Items policy or a Personal Property Schedule on your homeowner policy can provide this coverage for almost all losses on the appraised value of the item without a deductible.  A current appraisal is needed both for a description of the piece and a value.  The coverage can be provided in different ways depending on the company.  Agreed Value - Based on the appraisal on file, the company will assist the insured to replace the item based on the description, but only to the limit shown on the last appraisal.  If your appraisals are not updated every 3 to 5 years you could end up not being able to replace an item for the current replacement cost.  This is the recommended type of coverage for unusual or irreplaceable items.  It can also be the most expensive.  Replacement cost - Based on the appraisal, the company assists the insured in replacing the item as described.  The maximum paid would be the amount shown on the appraisal.  If you choose not to replace the item and the insurance company, who has much greater purchasing power than most people, can replace the exact piece for a lesser amount than that is the amount you get.  Keeping your appraisals updated is again strongly recommended.  Blanket Endorsement - Rather than listing items separately, several items of one kind can be grouped together.  Coverage is provided on replacement cost basis.  This type of coverage could be set by adding the value of several pieces that you would want to know were covered.  Losses involving other pieces that you had not anticipated covering would be included, as long as the total amount is not exceeded and you can produce appraisals or sales slips for these items.  This is a cost effective way to provide coverage but is not offered by all companies.    We recommend that you consider discussing whether the followings items should be scheduled.  Jewelry - Any piece valued over $500 Silver - $2,500 is covered for loss by theft on your homeowner policy, misplacement is not.  Laptop computers - As these are carried around and more likely to be dropped or left behind we recommend scheduling laptops.  If you use it or your home computer for business please discuss with your agent the additional coverage needed.  It might also be beneficial to schedule computers if you have an expensive or elaborate system.    Fine Arts - If you have breakable pieces some companies will schedule them with breakage coverage.  If you have an extensive art collection or oriental rugs these may also be worth scheduling.  Musical Instruments - Professional use is never covered under a personal policy.  Collectibles -  Stamps, coins or other types of collectors items Sports Equipment - Based on use and value