Do you know if your most important and treasured valuable items, such as jewelry, china, and even electronics would be fully covered by your current insurance policies if they are damaged, lost, or stolen? While some limited coverage may be provided depending on the type of homeowners policy you have, a standard homeowner’s policy is not intended to fully cover these items. A common limit found in this default coverage is $1500, regardless of the actual value of the item. Furthermore, the default coverage often excludes some of the most problematic causes of loss that could occur, such as theft of jewelry.
Adding scheduled coverage for individual high value items can give you peace of mind. Scheduled coverage is designed just for these items. In most cases, scheduled coverage can be added via an endorsement to your homeowners policy. Two of the most common benefits of this coverage are covering disappearance and theft, and doing so without a deductible in many cases.
Examples of items you may want to consider insuring this way include:
- Art
- Antique items
- China
- Electronics
- Golf and other sports equipment
- Collections
- Furs
- Jewelry
- Musical instruments
- Silverware
Even if you already have scheduled coverage, you may want to review your limits, as the cost of replacing these items has increased dramatically in the last few years. Particularly, the cost to replace items made of precious metals such as gold and silver can fluctuate significantly, and these metals’ prices rise dramatically during times of uncertainty. It is also helpful if you have pictures of each valuable item, along with purchase receipts and or appraisals. In fact, many insurers now allow you to upload photos and receipts so that if you ever do need to file a claim the information needed to process the claim is readily available.
If you would like to add or review scheduled coverages, the team at Longen Group, LLC is here to help you find the coverage that meets your needs. Also keep in mind that adding this coverage to your existing homeowner’s policy will usually be more affordable than purchasing the coverage separately.
Valuable Items & Jewelry Insurance | Travelers Insurance
Scheduled personal property | The Hanover Insurance Group
Why You Should Consider Scheduled Personal Property Coverage – Forbes Advisor
