Scheduled Personal Property
Recently, a client asked me why people sometimes have "riders" on their insurance for special items. This is called "scheduled personal property". While your homeowners policy covers personal property, there are limitations of which you should be aware. Generally, there are 3 reasons to schedule property:
1. The homeowners policy has limitations for theft for certain classes of property. Each company sets their own limit, but jewelry, silverware and guns have a limit for theft loss that can be as low as $1500. Scheduling these special items allows you to have coverage for theft for higher valued items.
2. Scheduling items can get you coverage for more causes of loss than a standard homeowners policy. Standard policies can limit coverage to fire, windstorm, theft and vandalism. Therefore, scheduling an expensive camera can give you coverage if you put it on the roof of your car and drive away smashing the camera. It can also give coverage for a stone falling out of an engagement ring. Scheduled property is covered for almost anything.
3. No deductible applies. As homeowners are taking on higher deductibles in order to save money on their insurance, no deductible will apply to a scheduled item. Scheduling items allows you to have full coverage on small, special items that you would want to replace if lost without you having to pay anything out of pocket.
Having a conversation with your agent about how your homeowners policy would respond for personal property losses could save you a lot of money later. Scheduling personal property is surprisingly affordable and worth investigating. Reach out to us at 877-352-2121 by phone or via email at service@clark-mortenson.com if you have questions regarding scheduling personal property on your insurance policy.
