The Christmas season is upon us. In this season of giving and receiving, insurance may be the last thing on your mind. While you are enjoying time with your family and friends remember that some of the gifts you receive may have coverage limitations under your Homeowners or Renters insurance policies.
Conventional policies have dollar limits for certain types of personal property, particularly if the loss was due to theft. Items with dollar limits typically include jewelry, watches, furs, firearms and silverware. On top of that, certain losses may not be covered at all. Accidental breakage and mysterious disappearance are examples of exposures that you would not be covered for under your primary policy. A scheduled items policy will provide coverage in areas where your primary policy may leave coverage gaps.
With a scheduled items policy your property is insured for a specific dollar amount. Many valuable items such as jewelry appreciate overtime. It is important to have your property valued by a professional on a regular basis and update the value on your policy.
Over the course of time you may have acquired more valuable items than you realized. Below are some of the items that you should consider scheduling.
Typical Items to Schedule
- Jewelry, watches and furs
- Fine arts/antiques
- Firearms and weapons
- Stamp and coin collections
Benefits of Scheduled Coverage
- You may have the option for a lower deductible or no deductible for the scheduled items insured.
- Broader coverage than what you will find under your Homeowners or Renters insurance policies.
- Insurance based on actual replacement values.
Call us today to discuss your current policy coverage and how a valuable items policy can work for you.