Just last month, we all celebrated the most wonderful time of the year by spending time with our loved ones, indulging in holiday treats and exchanging presents. Watching your friends and family enjoy their new gifts is so special. It’s equally as exciting to enjoy yours too. Would you be highly disappointed or saddened if something happened to these new items of joy? For your most special presents, you may want to consider scheduling them on your home owner’s insurance policy.
Why should I schedule personal property?
It’s a common misconception that anything within the confines of your home is covered by your home owner’s policy. Unfortunately, it’s not that simple. Your basic policy will not cover all types of property and there are special limits on the reimbursements it will pay for your losses.
- Replacement Cost vs. Agreed Value
When insuring your personal property, the best coverage to protect your assets is on a replacement cost basis. What this means is an item can be replaced with one of like, kind and quality. And the value may be less than what it’s listed for. And a deductible will apply. However, if you have a one-of-a-kind, unique item, or high value item, agreed value is the way to insure them. The item would be covered for the amount it’s insured for and the insured can replace it. That is why appraisals, descriptive receipts and photos are required when scheduling.
- All Risk Coverage
Oftentimes, your home owner’s policy will limit when something happens to your personal property based on the nature of the loss (lost, misplaced, stolen). Scheduling your items at agreed value means that no matter how the item is lost, you can file it in a claim. We call this all risk coverage which provides you the broadest coverage for your valuables.
- No Deductible
When your items are scheduled on your policy, you are not obligated to pay a deductible when filing a claim for their loss.
Especially around the holidays, we bring high-end, valuable items into our homes. What kinds of items can you schedule on your home owner’s policy? Some expensive and valuable personal property you may want to schedule:
- Equipment for Hobbies – camera equipment, art materials, etc.
- Fine Arts – paintings, sculptures, etc.
- Jewelry and Watches
- Sporting Goods – golf clubs, skis, etc.
- Technology – laptops, televisions, cameras, etc.
This list is not all-inclusive. Let us help you enjoy all of your new gifts and sleep better at night knowing they’re protected. For information on scheduling personal property on your home owner’s policy, contact:
Jody Czap, CISR
Personal Lines Supervisor