Most home insurance plans provide protection for your personal property, not just the value of your building. That means that you can get help if you’ve lost a valuable item or if something you own is damaged in a covered fire. But it is important to understand your policy including what is covered and when you may need to purchase additional coverage to protect your valuables. This additional coverage is called scheduled personal property. Simply, it provides you with insurance coverage for very specific items you own.
When Does Basic Coverage Not Fit?
In some situations, you may have ample financial protection in your standard home insurance plan. That is, the current policy, which provides a certain level of protection from risk to your personal belongings is enough. However, there is a dollar amount limit to this type of coverage. There is usually a maximum level of protection that covers all types of personal property claims made at once. However, there are also specific dollar limits based on item value.
For example, your home insurance may have what is called a sub-limit for jewelry. That may be a limit of $1500 for example. If you have a piece of jewelry that is valued over this, your coverage isn’t enough. You’ll want to have a scheduled personal property component to your home insurance in order to cover that gap.
When do you need this type of additional protection? Take a look at what you own and the limits set in your current insurance plan. Do you have enough protection for items like these?
- Expensive electronics including computers
- Art pieces
- Musical instruments
- Expensive cameras
When you invest in scheduled personal property, you extend the level of protection you have for these items. If they are lost or damaged in a covered claim, you’ll appreciate being able to replace them with the funds from your claim. If you are unsure if you have enough coverage for these valuable possessions, work closely with your home insurance provider to update your policy. It doesn’t have to be expensive to add this protection but it can prove to be very valuable to many homeowners facing risks.
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