Scheduling Items Under Homeowners Insurance
Posted on Mon, Nov 29, 2010
If you made the "nice" list this year, then maybe there will be some really great gifts waiting for you - the latest electronic gadget, new sporting goods or perhaps a piece of sparkling jewelry. If you happen to receive a particularly expensive item, you may consider purchasing extra protection, just in case.
Why would I need to schedule valuable items?
The protection provided for personal property under the typical homeowners, condo or renters policy is very broad, and includes coverage for your furniture, clothing, and appliances. It only provides limited coverage for valuable items such as jewelry, silverware, furs, and art. It may not cover some types of loss that may be important to you, such as the stone falling out of your diamond ring, your china being accidentally broken or your rare coins being stolen.
What types of property can be covered?
Here's a quick listing of some of the items typically covered:
- cameras (video or still) and related equipment
- china and crystal
- coins (rare and current)
- firearms
- furs
- golfer's equipment
- jewelry
- musical instruments
- personal computers
- stamps (rare and current)
- silverware
- works of fine art, including paintings, etchings, pictures and other bona fide works of art (such as oriental rugs, statuary, rare books, manuscripts and bric-a-brac) of rarity, historical value or artistic merit.
If you own something of value that is not listed above, it may still be eligible for coverage.
How to Schedule Personal Property
The process for scheduling valuable personal property differs from one insurance company to another. The insurance company keeps copies of appraisals or recent receipts for the items on file. The dollar amount of the value of the items added determines the price of scheduled property insurance.
Scheduling items allows you to purchase better protection for your special property than would be available under the typical homeowners policy. In addition to being able to purchase higher limits of coverage, more perils are covered.