Make sure you have the right level of protection for all your personal belongings by scheduling your most valuable items.
Over the years, it’s very likely that you and your family have added some higher-value items to your home. You may have a weakness for designer bags and jewelry, enjoy hobbies like golf or fishing that require expensive equipment, or relish being the first in the neighborhood to own the latest tech, from drones to smartphones. As your local insurance professional, Austin wants you to know that these and other pricey belongings in your home may not be sufficiently protected under your standard homeowners policy. If you want to make sure you have the financial protection to fully replace or repair valuables that are lost or stolen, then it is certainly worth your time to read more about an endorsement we offer called Scheduled Personal Property.
Why do you need Scheduled Personal Property coverage?
It’s very reasonable to wonder why it’s necessary to invest in any additional protection for your personal belongings. After all, you probably know that your standard homeowners insurance policy includes coverage for protecting your personal property and typically helps you pay for the cost of repairing or replacing items if they are lost or damaged due to a covered event.
A lesser-known fact about home insurance policies is that they often include specific limits on personal property coverage for more expensive items. For example, insurance companies consider jewelry a high-value property that can be easily misplaced or stolen. As a result, most home insurance policies include a coverage limit for jewelry of between $1,000 and $2,000 and only cover a jewelry loss if it’s due to a theft. In addition, if you make a claim for a jewelry loss, there is typically a deductible that you will have to pay before insurance even kicks in.
On the other hand, if you and your insurance professional have carefully listed your jewelry items on a scheduled personal property endorsement, then your insurance company will typically reimburse you for their fully appraised value, regardless of whether you leave your jewels in a public restroom, accidentally throw them out with the garbage, or lose them while on vacation.
Beyond jewelry, your home insurance policy may include a specific coverage limit and require a deductible for the following valuables.
- Fine Art
- Furs and Designer Clothing
- Fishing Equipment
- Golf Carts and Equipment
- Hearing Aids
- Musical Instruments
- Personal Computers
- Rugs and Tapestries
- Scuba Equipment
- Silverware and Fine China
- Ski Equipment
- Stamp, Card, and Coin Collections
- Video Equipment
- Wine and Liquor Collections
- And more…
However, if you were to have a scheduled personal property endorsement in place at the time any of these items are lost, stolen, or destroyed, your insurer may pay you back to replace the item up to its appraised value, with no deductible and no deduction for depreciation or wear and tear.
Let Austin Insurance help you access Scheduled Personal Property and other affordable and valuable homeowners coverage enhancements.
Whether you’re a homeowner, condo owner, or renter, the Austin Insurance team can help you explore the benefits of scheduling your valuable items.
If you don’t already have a home inventory of your belongings, this will be a good place for us to start, as it will help us identify any high-value items that might need to be scheduled. Any items we determine should be scheduled will then need to be assessed and valued by a certified and accredited appraiser. Finally, your insurance company will review the appraisal and approve the valuation before the items are scheduled. To make sure your belongings are always insured for what they are worth, we encourage you to get regular appraisals of your valuables, about every two to three years, depending on the item.
At Austin Insurance, we never want you to pay one penny more than you need to for coverage to protect the things you own. At the same time, our team is strongly dedicated to making sure you are carrying the right level of protection for all your personal assets. Please contact us to discuss Scheduled Personal Property and other endorsements that can provide you with broader coverage for your home and belongings.
To experience our personalized approach to home insurance, please call the Austin team today at 781-447-5561.