As a homeowner, it is imperative that you know exactly what is, and what is not covered under the standard homeowners’ insurance policy. Many homeowners wrongly assume that all of their possessions are covered under their policy, however, chances are your most valuable items are not. Insuring your jewelry is not as easy as renewing your homeowners’ insurance policy. Your most valuable items may benefit from being scheduled.
Scheduled items receive additional protection, and provide a homeowner with a variety of benefits. Scheduled personal property coverage acts as an endorsement to your standard homeowners’ insurance policy. Any of your lost, stolen, or damaged scheduled items will receive coverage. One of the most exciting perks of having your valuables scheduled is that you will receive coverage even if you accidently misplace a scheduled item. No matter what the cause of the damage or loss, your insurance company allows you to file a claim. You may want to consider having your fine art, furs, fire arms, expensive jewelry, collectibles, and antiques scheduled under an endorsement.
Scheduled items are replaced at replacement cost. Typically, the standard homeowners’ insurance policy replaces damaged items at actual cash value, accounting for depreciation. With replacement cost, your scheduled items will be replaced at the value they were appraised at. That is why your insurance company will require you to seek a professional appraisal for each scheduled item. Once you obtain an appraisal, you will need to have it approved by your insurance company. Also important to note, scheduled items do not involve a deductible. Your elevated premium will compensate for the lack of a deductible.
Contact Weeks & Associates Insurance for all of your homeowners’ insurance needs. Located in Thousand Oaks, California, we can help protect your most valuable items with scheduled personal property coverage.