Having scheduled personal property may help more fully protect you against situations like the one above. "This coverage allows you to expand protection for things like expensive jewelry, art or antiques," says James. If you have purchase scheduled personal property coverage for your wedding band, you'd likely be reimbursed for the appraised value of the stolen ring. Similarly, if your baby grand piano is destroyed in a fire, this coverage may help you pay to replace it.
Even if you don't think you own items that warrant purchasing additional coverage, consider the costs of replacing items like an engagement rings or antiques. You may want to review your policy limits to see what amount of coverage, if any, your standard policy would provide if these belongings are damaged by a covered peril. If the standard coverage is lower than the actual value of your items, you may want to consider scheduling specific items.
Scheduled personal property may also be covered for additional risks, including accidental loss, which typically isn't something covered by a standard homeowners policy.
"To schedule property, you need proof of its value. Usually, that proof comes from a receipt or professional appraisal," says James. Providing this information to your insurance company may help determine how much additional coverage you need to protect an item for its purchase price or appraised value, as well as how much that coverage may cost.
"When you schedule personal property, you're helping protect your investment in the valuables you own. That's the bottom line," says James.
If you have questions about the protection your homeowners, renters or condo policy provides for your high-value belongings, or you'd like to schedule personal property, talk to a local agent.
purchase price or appraised value, as well as how much that coverage may cost.
