Homeowners Insurance Scheduling Personal Property – Typical Policy

A typical homeowner’s policy will provide coverage for your personal belongings in the case of a loss occuring. This coverage can give you the ability to rebuild your life after the disruption of a catastrophic loss. What can pass by some homeowner’s is making sure that they have properly scheduled those personal possessions that may be higher in value or exceed underlying limits on their homeowner’s policies.

Homeowners Insurance Scheduling Personal Property – Advantages of scheduling.

Many homeowner’s policies have sublimits within the personal property coverage for certain types of items. This usually refers to higher valued items like fine art, jewelry or musical instruments. It can also apply to items who’s values can be harder to define like rare antiques. By scheduling an item you can avoid being disappointed by the reimbursement amount of a valuable after a loss. If you have items that are valued higher than the submlimits of your policy and a loss occurs, the insurance may not fully cover the amount that an item is worth. If your valuables have been scheduled on to your policy, the company would be able to see its value and pay out the claim after a loss.

Homeowners Insurance Scheduling Personal Property – What Should be Listed

What should be listed Any personal affect you may feel has significant value would be a good candidate for scheduling on your homeowner’s policy. Many times this will include jewelry,family heirlooms, antiques, guns, paintings etc. This doesn’t mean you need to schedule your television or living room couch, but a piece or personal property that you want to make sure is insured to value. You can ask your agent or broker what the sublimits of your policy are in order to get a better understanding what might be appropriate to schedule.

Homeowners Insurance Scheduling Personal Property – How To Determine Value

As mentioned earlier you may need to provide proof of an items value. Obviously you want to make sure that the amount scheduled is sufficient to have your property replaced. Companies will vary on the value threshold, but a recent receipt or appraisal is usually sufficient. Although you may have to pay for an appraisal that may be a small price to pay for guaranteeing the coverage of your most important property. Call us today with any questions or inquiries about scheduling your personal property.

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All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.