There are dozens of different types of insurance available to the average consumer, and it can be enough to make your head spin. So when it comes to elective coverage like Scheduled Personal Property insurance, it’s important that you understand how and why a policy can have big benefits.
Today we’ll be taking a deeper dive into this special type of property insurance, including what it is and what it covers. Let’s go!
What Is Scheduled Personal Property Insurance?
Scheduled Personal Property insurance is a specific type of coverage that can help to protect your valuable possessions in the event that they are damaged or stolen. These policies are great to help cover specific, valuable items, such as:
- Camera Equipment
- Expensive Sporting Gear (e.g., golf clubs or climbing equipment)
Now, you may be wondering why you would want to cover these items when most homeowner’s and renter’s insurance policies cover damaged and stolen possessions. Well…
How Is Scheduled Personal Property Insurance Different?
There are two big benefits to having Scheduled Personal Property coverage if you have especially valuable possessions. First of all, your homeowner’s or renter’s policy like have a deductible that will get in the way of your reimbursement. Personal property insurance typically doesn’t have a deductible or at least has a deductible that’s significantly lower than those primary policies.
Second of all, Scheduled Personal Property policies will typically reimburse for the full cost of a replacement for the lost item, whereas other policies may have a cap for individual claims and losses.
How Do I Support A Scheduled Personal Property Claim?
The best way to handle a Scheduled Personal Property claim is to do the work in advance – provide as much detail as possible when creating or updating your policy so that your insurance company can give you the best policy for your needs. Providing pictures, receipts, and any identifying details about the possessions you’re insuring will back up the value of your claim in the event of a loss. For example, if you ask for coverage for a diamond ring, you’ll want to include as much detail as possible – the size of the ring, carat weight and cut, and number of diamonds.
Additionally, you’ll want to update your Scheduled Personal Property coverage every so often in order to provide information about any changes, cover additional items, etc. This includes having your valuables re-appraised every couple of years to assess whether the value has changed – an increase in value may require additional coverage, and a decrease in value may lower your premiums.