While personal property coverage is an important part of your homeowners or renter’s insurance, many people don’t understand there may be a limit in the amount of coverage or types of loss to certain valuable items. You may find additional coverage, known as scheduled personal property, can help provide greater protection for some of your most valued items.
Is Standard Personal Property coverage enough?
While a standard homeowners policy typically provides coverage for your personal property, it may set a dollar limit on how much it'll pay for certain categories of valuables like jewelry (sometimes there's even a per-item limit).
For instance, there may be a $1,500 sub-limit on what your insurance will pay for jewelry after a theft — even though your overall personal property limit is likely much higher.
So, if you were to file a claim for the theft of a piece of jewelry worth $500, you'd probably be in good shape. But if the stolen piece of jewelry was valued at $2,500, you would likely only be covered up to the $1,500 sub-limit
What is a Scheduled Personal Property Policy?
Scheduled personal property (or itemized personal property) is an optional coverage you can add to your homeowners or renter’s policy which will provide insurance for higher valued possessions and for a greater number of risks already covered on your policy. Scheduling personal property is also extremely beneficial for specific categories (like the jewelry example above) where there are certain limits on the amount of coverage under standard personal property.
What Personal Property items can be covered under a Scheduled Insurance Policy?
Many items of value can be scheduled or itemized on your policy, including the following categories:
· Guns and other firearms
· Bicycles or other valuable outdoor equipment
· Antiques and collectibles
· Cameras and their equipment
· Computer and other valuable technology
· Musical instruments
· And many more
Scheduling Personal Property has other benefits too!
Apart from the peace of mind you’ll have knowing your valuable items are protected, this coverage comes with a lower or often no deductible.
You also get broader coverage, meaning it doesn’t take a covered peril (like fire or theft) to trigger coverage. All direct physical losses to your property are covered except those specifically excluded by your policy. For example, losing an item while on vacation is covered on a scheduled personal property policy, while it would not be under your standard homeowners or renters coverage.
And even better, these policies will often pay the replacement cost of the item involved in the loss. So if your set of 3 year old golf clubs are lost while traveling, a scheduled policy would replace them with today’s set of like kind and quality-without deduction for depreciation.
Nodak Insurance and their agents can help!
Talk to your Nodak Insurance agent to review your personal property needs. Scheduling personal property coverage may be much more economical than you think.
Also, Nodak Insurance offers a unique way to inventory all of your personal property. Our Nodak Insurance Company smart phone app allows a policyholder to take photos of items or entire rooms of your home. These photos become invaluable in the event of an unfortunate event occurring. Search “Nodak Insurance” on either Apple App or Google Play store.