Your homeowners policy probably includes coverage to protect the items in your home from loss or damage, but did you know that it may not cover the full value of your belongings? If you own items that exceed the typical value outlined in your homeowner’s policy, you’ll need to schedule them. Read on to learn more about scheduled personal property coverage.
What is Scheduled Personal Property Coverage?
Scheduled personal property is a type of optional protection that you can add to your homeowner’s policy to protect certain high-value items.
Why Do I Need Scheduled Personal Property Coverage?
Most insurance companies impose limits on the amount of personal property coverage for certain items. For example, if you have a $10,000 ring, the limit may be only $1,000. Scheduled personal property coverage can help you insure it for what it is actually worth.
What Items Should I Schedule?
Jewelry, art, musical instruments, furs, collections, and other valuable items that are out of the ordinary are all things you should consider scheduling.
What Documentation Do I Need?
Most insurance companies require either a receipt or proof of appraisal value, stating the value of each specific item to be scheduled.
For more information about scheduled personal property coverage, or torequest a quote, contact The Reis Group today.