The Importance of Scheduling Items of Value On Homeowners Insurance Policies

By: Eric Kricher (Capstone Brokerage Private Client Advisor) September 16, 2014

Homeowners Insurance covers most items in your home in the event of theft, fire, or loss but there are a few exceptions. Do you know “What is in Your Home?” Home owners should also be aware that there is additional coverage that is over and above the typical Homeowner’s Insurance policy.

Scheduled personal property is added protection. Having items scheduled on a policy will protect items in the home that are out of the ordinary such as pieces of artwork, jewelry and even high end electronics and antiques. This additional coverage is used to ensure that the value of specific items are covered in the event of a claim.

If a homeowner wishes to ensure specific high valued items that are in their home it is imperative that they mention them to their broker so that they can be added separately to the insurance policy for additional coverage. The additional cost for such items to be added to a policy is typically minimal but 100% necessary to be sure the items will be replaced when filing a homeowner’s insurance claim.

Scheduling personal property onto a homeowner’s insurance policy is actually quite simple. Most insurance companies will want appraisals or recent receipts for the items on file. The dollar value of the item will determine the added cost to policy. The protection provided for personal property under the typical homeowners policy is very broad and includes items such as appliances, clothing and furniture with limited coverage for items such as jewelry, art and other valuables.

Some types of loss that may be important to you, such as the stone falling out of your diamond ring, your china being accidentally broken or your rare coins being stolen are all coverable incidents under scheduled personal property. Scheduling items allows you to purchase better protection for your special property than wouldn’t be covered under the typical homeowner’s policy. By purchasing higher limits of coverage, more perils will be covered.

If you are a renter you can also schedule items on your renter’s insurance policy much in the same way. Having communication with you broker is critical to being sure that all valuable items stored in your home are covered. For more information of what your policy covers request a copy annually. Also, be sure to update your home inventory anytime a major purchase is made. A great suggestion I give to my clients is to walk through their home and a make a video of all items in the home and zoom in on any item that has a higher value. Added protection of scheduling items in your home can make a huge difference in the event of total or partial loss.