Here’s why you should list specific personal belongings on your homeowners insurance policy.
While your homeowners insurance policy extends coverage to your personal property, it’s important to understand that this coverage is subject to certain limits. These limits can create a coverage gap when it comes to insuring high-value items such as jewelry, fine art, antiques, electronics, and so on. Fortunately, you can still secure the protection you need by specifically listing items on your policy for coverage under scheduled personal property insurance. Here’s what you need to know about this special type of insurance.
- What is scheduled property insurance?
Scheduled personal property insurance is an optional coverage that you can add to your homeowners insurance policy to expand your existing personal property coverage limits. Not only does securing this type of coverage expand your coverage limits, but it also increases the number of risks that you are insured against.
- How do you use this coverage?
When you want to cover certain items under your scheduled personal property coverage, you will actually itemize them on your policy. Generally, homeowners specifically list items of high-value such as antiques, jewelry, and so on.
- What are the benefits of this coverage?
The main advantage of securing scheduled property insurance is that you can secure more coverage for your personal belongings. However, there is another benefit as well. When you go to file a claim for a scheduled item, you will not have to pay your homeowners insurance deductibles. This ensures that you can access your personal property insurance without having to cover a portion of the claim out of your own pocket.
This is what you need to know about listing specific items on your home insurance policy. Do you have additional questions regarding your personal property or homeowners insurance? For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.