Last month we talked about your policies and the importance of making sure they are up-to-date. This month we want to talk about making sure you have enough coverage for certain types of personal items that are typically limited in a standard homeowner’s policy. Scheduled Personal Property coverage might be something worth researching.
Did you know that items such as jewelry, watches, firearms, artwork, and even musical instruments all come with a sub-limit (referred to as Special Limits in the standard HO3 policy) as to how much the policy would pay in the event of certain losses to those items? We’ll bet that it’s highly likely the standard homeowners’ policy doesn’t afford enough coverage to adequately cover you for the full value you have in some of these categories of personal items. This is when you would need to talk to your agent and discuss scheduling these high value items under a separate coverage form.
Scheduled Personal Property coverage is an optional add-on to your homeowner’s policy that allows you to name the dollar limit for specific high value items (often an appraisal is required to support such limits). Did you know that most homeowner’s policies limit jewelry, watches, furs, precious and semiprecious stones to $1,500 if the loss is a result of a theft? If you have a stamp collection, they’re typically only covered up to $1,500 as well, while a coin collection is only covered up to $200. If you’re a person that likes to collect firearms and yours get stolen, they will usually only be covered up to $2,500 on a standard homeowner’s policy. These aren’t the only items that can be scheduled. You can also add musical instruments, art and antiques, and expensive cameras.
The average price of an engagement ring in 2017 was $4,758 according to bustle.com. And while some guns can average at a price of $299, which would be covered by your policy depending on the loss, some higher end rifles can average anywhere between $1,000 and $2,000 for one firearm. While the standard homeowners’ policy will only cover up to a specific dollar amount for specific items, scheduling them allows you to insure your high end items for a more appropriate limit of insurance.
If you would like to review your policy, have questions about your current coverages, or are considering adding Scheduled Personal Property coverage to your policy, give one of our licensed agents a call at 863-683-2228.