Scheduled Personal Property for Your Valuables

Onyx Insurance Brokers

Homeowners Insurance Policy has different coverages. One of the coverages included is personal property coverage, which pays up to a certain limit for damaged or stolen belongings outlined in the policy coverages. These limits can make it difficult for you to secure comprehensive coverage for high-value items such as jewelry, art, antiques, and many more. Nevertheless, it is good to know that you can address this coverage gap by adding scheduled personal property insurance to your homeowner’s insurance policy.

What is Scheduled Personal Property?

Scheduled personal property is an optional coverage that you can tack onto your homeowner’s insurance. This coverage offers protection against a greater number of risks and increases the coverage limits for specifically listed high-value items. When you schedule your valuables, the obvious benefit is that you have increased coverage. Additionally, you have the option to set a lower deductible or even no deductible for the items you list. This ensures that you can access your personal property insurance when you need it most.

Do you need Scheduled Personal Property?

To determine if you need to add a scheduled personal property, it is very important to consider how many valuables you own. If you have a rather large collection of antiques, jewelries, or other memorabilia that would be very expensive to replace, this coverage might be a good idea. Other considerations include your area’s crime rate and if you plan to travel with these valuables regularly.

How to schedule your personal property?

3 Tips for Scheduling Your Personal Property

Scheduling property isn’t difficult, but you usually need to do a little legwork before you can add the coverage. For example, you may want to:

  • Take stock of your property.Do a home inventory to determine what you have, what it’s worth, and whether you can afford to replace it.
  • Get an appraisal.Most insurers require evidence of your property’s value in order to schedule it. If your most recent appraisal is over three years old, you usually need a new one.
  • Ask about limits.Your insurer may have limits for scheduled property. This doesn’t mean you are out of luck if your property exceeds the limit, but you may need separate coverage for these items.

What items are excluded under Scheduled Personal Property?

Although scheduling items does give you broader coverage, there are still some exclusions that apply to schedules personal property. Property that’s damaged by normal wear and tear isn’t covered, nor is loss caused by rust or corrosion. Check with your agent for more information.

Have peace of mind and make sure your valuables are properly covered. Should you have more questions regarding Scheduled Personal Property, ONYX Insurance policy is willing to assist you.

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