Almost every homeowners policy and renters policy has personal property coverage!
While a standard policy has this personal property coverage, it comes with a dollar limit on certain valuable categories! This includes jewelry, guns, musical equipment, silverware and art.
Many of these dollar limits may range from $1,000 to $5,000 based on your policy coverage!
Using a jewelry limit of $2,000 as an example, if you were to file a claim for $500 you would be in good shape. But if the claim was for $4,000, you would be covered for the first $2,000.
This is where scheduled personal property coverage is very valuable. If your $4,000 claim was covered under a scheduled personal property endorsement, the full $4,000 claim would be covered assuming a recent receipt or appraisal is available.
Here are some of the high-value items you may want to look at for scheduled personal property coverage:
Jewelry and Furs
Art and Antiques
Stamps or Coin Collection
Musical Instruments and Photography Equipment
While scheduling these items will likely cost you more in premiums, the overall cost is very low vs the dollars lost with the non-scheduled protection. $5,000 of protection can cost as little as $50/year using a scheduled personal property coverage.
If you have any collections or high dollar valuables, scheduled personal property is the way to go for your best protection! Give us a call at 770-664-0602 so we can go through your different coverage options!
The Richard Rose Agency will frequently provide helpful tips and information that can save you money, keep you safe and improve your life.