Flushed Away -- Left on a counter near a sink or toilet. Just add running water or a flush of the toilet and you can almost hear the sound of memories and thousands of dollars swirling down the drain.

Tossed to the Curb -- Hiding valuables in your very own secret place. It's just too bad that your other family members didn't know they were throwing away trash that doubles as your secret hiding place.

Opportunity Knocks -- Leaving your rings out on display. Whether you are at a hotel or at home, leaving valuables out in the open is a risky proposition, particularly when others have access.

Poor Stitching -- Rings go on fingers, not in pockets. Who knew it could be so expensive to stitch up a hole in your pocket?

Slippery Proposition -- Resizing a ring can be a hassle. It's just a little loose. It can wait until tomorrow ... or perhaps it can't.

To avoid losing thousands of dollars through a hole in a pocket or a flush of the toilet, consumers should consider insuring their valuables through Scheduled Personal Property coverage. Depending on the value of the jewelry, it may or may not be covered under their current property insurance policy.

"If you own expensive or rare items, Scheduled Personal Property coverage is a practical way to protect your investment and achieve peace of mind," said Rich Halberg, Allstate spokesman in California. "The best part about this type of coverage is that it offers all-risk protection, which means customers are insured for all different types of perils, including loss of the stone, a chip in the diamond, misplacing the item, and so on. Unless the peril is specifically mentioned in the policy as being excluded, then the item is covered."

Perhaps you're not quite at the diamond giving stage. Halberg said you still might consider insuring other big-ticket gift items.

Valuables such as cameras, musical instruments, fine art, sports equipment, stamp or coin collections, tools, furs and more are just some of the items that people insure through the Scheduled Personal Property coverage option, which covers valuables on an actual cash value basis. A current appraisal or bill of sale is required to insure personal items with Scheduled Personal Property coverage. Some other restrictions may also apply depending on the item being covered.

When it comes to insuring any newly acquired valuables, there are some important things to consider. Property policies, including renters', condo, co-op, and homeowners, do include coverage of personal property. However, there is often a $1,000 coverage limit for jewelry, watches, and furs.

If the $1,000 coverage limit is not enough, consumers generally have the option of extending the coverage and purchasing a policy endorsement. Normally, there is a per-item coverage limit and an overall limit (customers select the limit of coverage and can purchase coverage in increments).

For those customers who own jewelry, watches, and furs whose individual value exceeds the per-item optional coverage or whose overall value exceeds the overall limit, many policies have the option of scheduling these valuable personal property items. Scheduled Personal Property coverage typically offers all-risk coverage, which protects against all perils (with the limited exception of those specifically excluded).

"The idea of losing a diamond is certainly devastating," said Halberg. "But by properly insuring your valuables, you can rest a little easier knowing your investment won't go down the drain."

(Article taken from Insurance Journal)