The personal property coverage on your homeowners, renters, or condo insurance policy is there to protect all your belongings, but some high-value items may be subject to certain limitations.
Scheduled items are additional coverages that can be added on to existing policies (such as home, condo, or renters), guaranteeing greater protection of any valuables than under standard personal property protection.
Specifically adding the items to your insurance policy also includes coverage of any mysterious disappearances (losing or misplacing an item), which is not included in standard personal property coverage.
Scheduled personal property coverage provides three specific advantages that extend beyond the benefits of a standard insurance policy:
- The cost to replace the property forms the basis of the scheduled personal property policy, and depreciation is not a consideration. In contrast, a traditional homeowner’s policy covers the property on an actual cash value basis. Insurers calculate actual cash value by taking the replacement cost and accounting for depreciation of the item.
- Protection extends to additional types of loss above that covered by the homeowner’s policy. For example, traditional coverage may cover the loss from a fire or theft. Scheduled personal property coverage could cover the item if the policyholder loses or damages the insured item.
- Policyholders are not subject to a deductible on scheduled items.
Speak with your agent at Professional Underwriters today about your high value items and how we can help protect them.