Your homeowners insurance can protect both your house and the possessions you store inside. Should belongings get damaged by fires or weather, or get stolen in a household burglary, then your possessions insurance can help you recover some of the lost value. However, your policy won’t provide unlimited coverage for all belongings. To get more coverage for special assets, you might need to schedule the item on your policy.
What is scheduled personal possessions coverage?
As long as you adequately appraise the value of your belongings, your homeowners possessions insurance can offer a high amount of coverage. However, it will also include limits, too. Possessions insurance will only pay a maximum dollar amount for all possessions damage. If you have $100,000 as your policy limits, then the policy will only pay up to $100,000 for all damage, for example.
However, your policy might also place sub-limits on certain items. For example, it might only pay you a maximum of $5,000 for specialty items, such as:
- Jewelry & Furs
- Collectible Items
- Fine China & Silverware
- Musical Instruments
Some policies will even exclude coverage for items like these. In others, an existing sub-limit might not be adequate to cover the value of a high-value item. Still, you can often buy additional coverage using a scheduled possession endorsement.
Scheduling possessions will allow you to extend more coverage to these high-value items. You can list an item in question on your possessions insurance, and extend specific limits to it. Therefore, you’ll know that it has coverage that tailored to its value.
The Benefits of Scheduling Items
The primary benefit of having a scheduled possession endorsement is that you’ll be able to recover adequate compensation for the item when damage occurs. Therefore, you can better afford to repair or replace the item.
Some endorsements also expand scenarios when your policy will cover items of value. You might be able to file a claim for this item in scenarios where your standard coverage won’t apply. Often, the endorsement will guarantee coverage for items except for in a listed set of losses.
When you invest in scheduled possessions insurance, you extend better protection to specialty items. 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 review and update your policy. It doesn’t have to be expensive to add this protection to your coverage.