If you have a 2-carat diamond ring and you put it down on the counter and it disappears, under normal homeowners policies the cost of replacing it would not be covered. If it's scheduled, it could fall to the bottom of the lake and it's still covered.

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The most important thing for consumers is that they should always read their policies. Nobody does it but they should. Even in the all-risk policies there are places in the contract where the [company] will exclude certain coverage but they'll give it back to you in another section. There are always exclusions and exceptions to those exclusions.

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