You may already be familiar with scheduled property insurance — a type of coverage meant to give you additional protection above and beyond personal property insurance limits — but what else do you know about it? Are you familiar with who should have it or what kind of items are insured by scheduled property insurance? Let’s go over these points today.
Who needs scheduled property insurance?
If you have a standard home insurance policy, it likely includes personal property protection. This is usually a percentage of your dwelling coverage, which tends to fall between 40-70%. So let’s say you have $400,000 in dwelling coverage, you’d have 40-70% percent of that number in personal property protection.
But what if you’re a homeowner whose valuable belongings exceed your personal property coverage limits? In the event of a major event, you risk having to cover their repair or replacement costs on your own when your personal property insurance limits are reached.
If a situation like this applies to you, as a homeowner, then having scheduled property insurance is likely a good choice.
Another way to determine if you need scheduled property insurance is considering the property you have.
What does scheduled property insurance cover?
These are just a few of the pieces of property that often mean a homeowner would benefit from adding scheduled property insurance to their home insurance policy:
- Expensive jewelry
- An art collection
- Camera and other electronic equipment
- Special collections, like stamps
- Valuable memorabilia
How much does scheduled property insurance cost?
The cost of scheduling items of personal property will depend on things like your claim history, your insurance provider, and the value of what you’re insuring. Conveniently, a deductible isn’t usually required for your scheduled property insurance to kick in.