We all own possessions that have additional sentimental value over and above what we have paid for them. While you may not insure for sentimental value, you can insure for the appraised value. For example, antiques and collectible items may be worth much more than what you may have paid for them originally. These items are referred to as scheduled personal property because they are listed differently in your homeowners’ policy. They have their policy or rider. This rider is an optional coverage you can purchase for added value items. Here’s a guide to buying insurance for your high-value or scheduled items.
What Is “Scheduled Personal Property”?
Scheduled personal property is any item that holds a higher value than similar items. For example, a customized mountain bike may be worth over $5,000, well over what you would pay for one at your local department store. Likewise, it includes expensive jewelry, fine art, antiques, furs, or any other item with an appraised value that’s much higher than similar items. Having an item appraised is the best way to ensure enough coverage for each item. When you apply for a policy for your scheduled items, make sure to include photos that show the item’s condition and any identifying numbers that will help to identify it if it’s stolen or damaged.
Most homeowners’ insurance policies offer sub-limits for certain types of property. Antiques, artwork, furs, and jewelry all may hold more value than what you paid for them. For example, a piece of jewelry may have had an original purchase price of $1,000 but now has an appraised value of over $15,000. If you rely on your policy’s sub-limits, you will only receive $1,500. This is an example of a scheduled item and should be insured for its total appraised value. If you don’t know an item’s value, you should have it appraised as soon as possible.
How Do I Insure a Collection?
A collection is a set of items with similar values that belong together, but they are insured differently than other items that are considered scheduled. Instead of insuring them as scheduled items, you may want to purchase what is referred to as grouped coverage or more commonly known as an unscheduled property floater. This allows you to buy a rider for the entire collection instead of purchasing many smaller policies. It will save you money and provide coverage for every piece included in the collection. Make sure all of the items in the collection are fully documented.
Having additional insurance for them is essential if you own any items considered to be of “higher” value. Understanding what items are considered scheduled is also essential. Call the experienced insurance professionals at Scavone Insurance Agency Center LLC when you have questions. Our team has years of experience that allows them to help you get the answers you need. Please schedule an appointment with us today to review your homeowners’ policy and purchase the additional coverage you need.