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Don’t Assume Your Homeowners Policy Covers All of Your Possessions. Schedule Your High Value Items.

Don’t Assume Your Homeowners Policy Covers All of Your Possessions. Schedule Your High Value Items.

Homeowners policies have a limit on how much will be covered if your personal property is stolen or damaged. If you have big ticket items such as jewelry, antiques, or art that exceed the limit, you should consider “scheduled personal property.” This is additional coverage, an endorsement, that protects out-of-the-ordinary valuable items ensuring their full value is covered in the event of a claim. A schedule is a detailed list of your high value property which specifically identifies what items you own and what they're worth. The insurance company will add something called a "floater" to the homeowners policy and will charge a few extra dollars for the coverage.

If you already have scheduled items on your homeowners policy, we recommend reviewing that schedule if it has been a while since it was put in place. Be sure all items are listed and the values are current.

While the insurance company may not be able to specifically replace your valued heirloom or your exact wedding ring or an original painting, they CAN compensate you for the cash value of your loss. And maybe that, combined with a shopping trip to find a new high value item, will take some of the sting out of an unhappy situation.

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