THURSDAY, MAY 19, 2022
A basic home insurance policy will protect some personal property. As a homeowner, a part of your goal is not only to protect the structure of your home but also your belongings.
However, that basic policy is rarely enough. Today, many homeowners have a significant amount of personal belongings. This may include electronics, expensive clothing, and even that baseball card collection.
To protect these items, consider investing in scheduled personal property coverage.
What Is Scheduled Personal Property Coverage?
This type of insurance adds protection for more assets to your home insurance plan. This is a type of endorsement to a larger policy. You may need this insurance if you have high-end valuables. This includes:
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Antiques
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Guns
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Expensive jewelry
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Excessive electronics
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Fine collectibles
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Furs
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Fine paintings
A good way to determine if you need scheduled property coverage is to look at the value of important things.
If the value of any item or the combined value of all items is more than the limit set on your home insurance policy, you need more protection.
How to Estimate Value
Scheduled property is often subjective in value. It is always important to have an accurate estimate of the value of these items before you obtain a new policy.
The best way to do this is to have a formal and professional appraisal completed. Your insurance agent may help you find such a professional. Once you have a professional opinion, your insurer will help you create a policy for those items.
Key Details to Keep in Mind
When selecting scheduled property coverage, be sure to consider a few key things:
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This policy should offer replacement cost coverage (instead of actual cash value). This ensures the policy covers the cost of replacing the item rather than its current value. This puts depreciation to the side.
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Ensure it offers comprehensive coverage. This insurance should cover you for nearly any risk and usually without question.
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Don’t place a deductible on these items. Most policies do not require a deductible.
Most importantly, keep up on the value of those items. Many times, these values grow over time. That may mean updating your home insurance to reflect the new value. This ensures you are always well protected.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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