Scheduled Personal Property
Your standard homeowners policy probably includes personal property coverage for damage or theft. Scheduling your property is a good way to specifically identify items and how they should be covered. For instance, many homeowners will schedule jewelry, expensive equipment, and antiques to make sure they receive the right value in the event of an accident or unforeseen circumstance.
If you own one or more items of high value (worth thousands of dollars), scheduling your property may be beneficial. With scheduled personal property coverage, you can receive financial compensation above your policy limit. The coverage will also provide compensation if you happen to lose an item on the list. You will not pay a deductible on these items, but do need to file the loss to receive compensation. Your insurance adjustor will evaluate the appraised amount listed in the schedule and subtract depreciation over time and send you the difference.
Property you might want to consider adding to a schedule includes:
- Jewelry, including wedding rings
- Cameras
- Expensive crystal, china, and silverware
- Firearms
- Pieces of art
- Antiques of value
- Instruments
- High priced electronics
To determine which items you can schedule, ask your insurance provider. There may be unlisted property you can have covered. When you tell your agent that you want to schedule property, you may need to provide detailed descriptions, pictures, and appraisal values of your items. The schedule will be added to your filed policy and should be updated every time you obtain a new item of value. Keep a copy of your policy and schedule in your personal files in the event that you need to file a claims report or if multiple pieces are damaged or stolen at once.
Mosholder Insurance Agency has been helping individuals just like you protect valuable pieces of property for years. As a family-owned and locally operated business, we look forward to partnering with our clients to help them find the best coverage at competitive rates. Get started today by calling us at (814) 443-6567 for our Somerset office or (814) 395-3022 for our Confluence office.
