The categories with caps
Policies differ, but common capped categories are jewelry, watches and precious stones; furs; silverware and goldware; firearms; and money, securities and certain collectibles. The caps often apply to theft specifically, and some apply to any loss. Read the “special limits of liability” section of your policy — it is usually one page.
Scheduling: item by item
Scheduling lists a specific item at a specific value. A scheduled item is typically covered for more causes of loss (mysterious disappearance, for instance), usually with no deductible, and for the scheduled amount. It requires a description and, above a threshold, an appraisal or a recent receipt. Update appraisals every few years; gold and diamond values move.
Blanket coverage: a middle option
Some carriers offer a blanket jewelry or valuables limit — a higher total without listing every item, with a per-item cap. It suits households with several mid-value pieces and no single standout.
Art, wine, instruments and the rest
Fine art, wine collections, musical instruments, cameras, sports memorabilia and similar can be scheduled or, for larger collections, placed on a separate valuables policy with a specialty carrier. Bring an inventory with photos; it is also the thing you will wish you had after a loss.
This guide is general information about insurance in Michigan, not advice about a specific policy. Coverage depends on the policy’s terms, limits, exclusions and eligibility, and a request does not bind or change insurance.