In order to ensure that your valuables are properly insured, it is strongly advised that you consider “scheduling” items of value on your homeowners insurance policy.
Although a standard homeowners insurance policy includes coverage for certain items of value, these items are only covered by losses caused by those perils included on your homeowners insurance policy (i.e. fire, windstorm, theft, vandalism, etc.). Additionally, there are monetary limits for certain items in the event of theft. For example, jewelry often has a $1,000 limit for loss by theft. By scheduling items, you have the option to increase these limits to a value appropriate for your specific needs. In addition, “scheduling” items provides broader protection , including accidental loss.
Scheduled items are also referred to as “riders” or “floaters.”
Please review your individual policy for specifications on coverage. Items that are considered of value may include, but are not limited to jewelry, fine art, fire arms, furs, musical instruments, cameras, collectibles, silverware, etc.
In order to schedule items at the proper value it is recommended that you take the following steps:
1. Take inventory of items of value.
2. Obtain an appraisal for significant items. This may require going to a specialist to determine the proper value.
3. If the item was recently purchased, a bill of sale will likely be accepted as the appraised value, depending on the type of valuable.
4. Submit appraisals to your homeowners insurance agent to discuss additional coverage options for theses specific items.