Did you know that almost all home insurance companies limit coverage on some of the most valuable items inside your home? You are probably aware that your home insurance policy includes a substantial limit for personal property (usually 50% or 70% of the replacement value of your home) but did your agent talk to you about some of the coverage limits on that property? Some of the items inside your home that could have limits include, but are not limited to:
• Art and antiques
• Stamp or coin collections
• Expensive cameras
• Musical instruments
• Gold ware
• Bank notes
In general insurance companies limit coverage on these types of items to help prevent insurance fraud. An average dollar limit you might see on your policy is $2500. However, it could be as high as $5000, or as low as a $1000 limit. As an option to make sure you have coverage beyond your policy limits, you can schedule your valuable items at their full value, and the cost to you is only a few dollars a month.
There are three main benefits to scheduling personal property. The first is that you make sure your items are indeed insured up to their full value. The second benefit is that you broaden coverage for your property by adding perils that wouldn’t normally be covered. The most significant peril that is added is accidental loss or miss placing. There is a good chance you know someone or have heard stories of someone who has accidentally lost their wedding ring, or had it fall off while swimming. Or what about your buddy who had all of his guns stolen from his house? For a few dollars a month nightmares like that can be avoided by having that wedding ring or those guns scheduled and replaced for their full value.
Another benefit to scheduling items, is the waiver of your deductible. If you schedule your property, filing a claim to replace your stolen guns won’t cost you $500 or even a $1000 deductible. Your deductible will be waived.
In the end scheduling your property will help you sleep at night knowing the items that mean the most to you are protected up to their full value.
To learn more about scheduling your personal property, or with other questions about insurance, please call First Choice Insurance at 208-238-2424.