When to Take Out Scheduled Personal Property

If you keep valuables in your home, such as China dinnerware or another prized collection, you probably assume that these are covered by your standard homeowners’ policy. However, a full collection typically receives coverage of $1,000 to $2,000 so your policy might not cover everything if damage or theft occurs.
As a result, a homeowner may wish to consider adding scheduled personal property to his or her policy. This addition to your current policy provides more coverage in a greater range of occurrences.
A typical homeowners’ insurance policy will reimburse the basics, such as furniture, appliances, and clothing. How do you know if you need to include scheduled personal property in addition to these necessities?
You Own One or More of the Following
Many people have valuables in their home. If the dollar value of those valuables goes above your homeowners’ insurance limits, scheduled personal property becomes essential for reimbursement. These items can include:

  • Jewelry
  • Furs
  • Antiques
  • Collectibles
  • Stamp and coin collections
  • Musical instruments
  • Expensive cameras and equipment
  • Engagement and wedding rings
  • Computers
  • Firearms
  • Golf and sports equipment
  • Silverware
  • Items with sentimental value
  • China and crystal
  • Rugs
  • Rare books
  • Documents and manuscripts

Preparing for Potential Damage
What happens when you don’t use scheduled personal property? Let’s say damage occurs to your China collection, which is valued at $5,000. You might be able to use your homeowners’ insurance policy, but if it only covers up to $1,500 for the whole collection, you won’t be reimbursed the collection’s full value. Instead, repairing or replacing the rest will need to be done out of your own pocket.
Adapting to Your Collection’s Changing Value
Even with sufficient coverage, the value of your collection might continue to change. To ensure you continue to have adequate coverage:

  • Keep copies of store receipts
  • Have appraisals done every few years
  • Take photos of the items
  • Update your carrier whenever your collection expands

Think you might need scheduled personal property? To make sure your valuables are fully protected, explore your options with Ion Insurance. Give us a call today at 203.439.2815.