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Your homeowners insurance policy is more than just coverage for your home’s structure, it also covers personal possessions inside your home. Typical items, such as kitchen appliances and home furnishings, are covered under even the most basic policy. This is blanket protection that doesn’t specifically list any of your belongings. It is subject to limitations and exclusions, particularly for valuable property, such as fine art, jewelry or high-end heirlooms. To fully insure valuable personal property, it must be scheduled.
Scheduling means individual items or groups of items are covered under one policy that specifically describes them in order to reflect their replacement cost. Spelling out the specific items may eliminate the limitations found in homeowners policies that place a dollar limit on losses associated with high-value possessions. Why is there a dollar limit? Because unique personal property is very difficult to value after it is lost or stolen. By scheduling items that you treasure, you have a description of the item, its value will be documented through a professional appraisal or by a purchase receipt, and then you can insure it for what it would cost to replace it. Another benefit of a policy that schedules your valuables: It may not be subject to a deductible.
Let’s say you owned an exquisite diamond and platinum anniversary ring. It goes missing, and you fear it’s been stolen. Under a standard homeowners policy, you may have a limit of $1,000 for stolen jewelry, and your ring may have cost multiple times that amount. If you had scheduled it and insured it for what it was worth, you will be reimbursed or the item will be replaced. This broadens covered losses beyond what is available in a standard homeowners policy, providing you with additional protection.
It is easy to schedule an item if you have a recent receipt. For heirlooms that you’d like to schedule, a qualified appraisal is needed. Armed with this, you will be able to choose the appropriate level of coverage. Premiums for scheduling personal property depend on the type of item and, obviously, on its value.
Items worthy of scheduling are not limited to jewelry and heirlooms. Owners of antiques or works of art should consider scheduling. When you have a professional appraise unique possessions, you receive a record of their market value at that point in time. If a loss occurs on one-of-a-kind art or antiques, the claim is typically paid based on the market value at the present time because values fluctuate. This is another reason why it’s important to have an annual conversation with your Frontline Insurance agent to be certain the coverage on such items keeps up with the ebb and flow of valuations.
You may have several valuable, portable items worthy of scheduling. Contact your independent Frontline Insurance agent to discuss your scheduled personal property needs. Almost everyone has some valuable property that should be scheduled.