The right protection means everything, particularly on those items that mean the most to you. While home insurance and auto insurance can be a great choice for protection, you also need to think about all-time protection for those specialty items that might be new additions. This is where scheduled personal property insurance comes in.
What is scheduled personal property?
Typically, most people associate “scheduled” with time. In this case, however, it’s more along the lines of organization. This very specific kind of insurance is going to cover specified personal property. These items are high-value and would be costly to repair or replace.
Some of the most common items to consider this kind of insurance for include:
- Engagement rings and other expensive jewelry
- Furs and other high-end clothing
- Collectibles and collections
- High-end home decor and art
- Firearms
These items do have protection under your home or auto policy, of course, but that amount would only extend to a certain amount, and only under certain circumstances. Keep reading for more information.
Why do I need special coverage?
It’s normal to think that these items would be protected, since they will be in your home or vehicle/on your person. However, traditional policies will have coverage limits. This extends to the dollar amount and also the situations in which a policy would pay out.
For example, let’s say you and your spouse have high-end wedding bands, including a rare, expensive engagement ring valued at $200,000. You are hosting a party, and your ring is damaged during the event. Your home insurance policy may only cover a small amount of the repair/replacement cost. Or, in some cases, your existing homeowner’s policy may only cover theft. In that case, the cost for repair or replacement would be entirely your financial responsibility!
However, having scheduled personal property insurance would cover the full repair/replacement cost for that specific ring. This protection would also extend to situations where the ring is stolen while travelling, lost during a home move, and more.
When you have this protection in place, it covers the full appraised value, provides full protection against damage, theft, or loss, and also often has no deductible. For those items that are especially expensive or -- from your perspective -- priceless, this is a small “price to pay.”
When should I look at getting additional coverage?
It makes sense that you don’t want to unnecessarily increase the insurance premiums that you pay. However, choosing to have specific insurance protection against those most valuable items is definitely worth the small change in cost.
Ideally, you would want to consider getting scheduled property insurance right after a purchase. Traditionally, the holiday season and Valentine’s Day are common times to get something special from your “someone special”. However, you should also consider talking to your independent insurance agent about an addition after anniversaries, birthdays, and more.
The worst time to find out that you don’t have enough protection on your jewelry or other high-end items is after you need to make a claim. So, consider talking with your agent sooner rather than later! Contact Harbour Insurance Services at (281) 520-4090, or get a Free Quote here.