Most homeowners assume that all of the personal possessions under their roof are protected by their homeowners insurance. What many people don't realize is that valuable items are only covered up to a certain limit. To obtain additional coverage, an item must be scheduled separately on the homeowners insurance policy.
This FAQ will help you understand what item scheduling is, why you should schedule your items and how to get started with the scheduling process:
What kind of items need to be scheduled?
There are many kinds of items that frequently require scheduling, including jewelry, furs, fine art, firearms, musical instruments, musical equipment, cameras, computer equipment and more. Your homeowner's insurance policy will state the maximum amount of coverage for replacing your individual items. If you own an item that exceeds this amount in value, then you should speak with your insurance agent--even if the item isn't among those things listed here.
If my valuable items aren't currently scheduled, does that mean they aren't covered at all?
Your valuable items should still be covered under your homeowners insurance policy, but you will not be able to collect the maximum value of the item if it is damaged or stolen. You will only be able to collect the maximum limit stated on your policy.
What's the first step to scheduling an item?
Speak with your insurance agent about your valuable possessions, and then once you've confirmed that the items do need to be separately scheduled, seek an appraisal to find out true value of each scheduled item.
How will my scheduled item impact my insurance policy premium?
Each scheduled item may increase the premium on your insurance policy, however, there are other advantages to scheduling items that can make this increased coverage seem more worthwhile. For example, the deductible for your valuable items may be much lower than your standard deductible--or there may be no deductible at all.
In addition, the claims process for your scheduled items may be more straightforward than the claims process for your other possessions, because a full report about each scheduled item will be kept on file with your insurance company.
If it's been a long time since you initially obtained your homeowner's insurance policy, you may have acquired valuable items that are not fully covered by your insurance. Think back to your last several Christmases or Valentine's Days. If you've been given any furs, jewelry or expensive computer equipment, you may need to have those items separately scheduled on your insurance policy.
To find out more about protecting the full value of these items with your homeowners insurance, speak with your insurance agent today.
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