Many of us have precious items of significant value. These include personal property such as jewelry, fine arts, camera equipment or collections to name a few. Sometimes we may think these items are automatically covered by our personal home insurance policy. Although there may be some coverage, it’s important to understand more about your valuables and if it makes sense to schedule them for the value and protection you need.
Why should I schedule personal property?
Scheduling items provides better coverage for you. Many carriers provide scheduling valuables on your homeowner’s policy. And other carriers offer a separate inland marine or collection policy designed specifically for valuables. Below are the benefits scheduling provides:
Replacement Cost
By scheduling your personal property, your assets are protected at replacement cost. Replacement cost differs from actual cash value because it eliminates the issue of depreciation. With replacement cost, you are granted the actual cost to replace the lost or damaged item based on today’s market, without deduction based on how old or worn-out the item is at the time of loss.
Agreed Value
Another option is to schedule valuables at agreed value. The items will hold or guarantee their value if the market drops. Appraisals with descriptions and values or bills of sale with details and price paid along with pictures of the insurable items are required and kept on file.
Additional Causes of Loss
The advantage of scheduling valuables provides much broader coverage. Examples of coverage would be mysterious disappearance, theft of, or losing an item. The items are insured at replacement cost or an agreed value and typically no deductible applies. There are limitations for loss of jewelry and other valuables if not scheduled on your homeowner’s policy and your policy deductible applies.
Here are some expensive and valuable personal property to consider scheduling:
- Collectibles
- Equipment for Hobbies – camera equipment, art materials, etc.
- Fine Arts – paintings, sculptures, etc.
- Firearms
- Furs
- Jewelry
- Sporting Goods – golf clubs, skiis, etc.
- Technology – laptops, televisions, cameras, etc.