Personal Insurance Blog

More likely than not, your home is your most valuable asset and should be protected by a homeowner policy. This is a package policy that gives coverage for the structure itself and also includes coverage at no additional cost for other structures on site, (such as a detached garage, sheds, inground pools, fences, etc.), for contents (personal belongings), and for loss of use (for alternative housing and living costs such as meals, laundry, etc.) while you are displaced following a covered loss.

If you have particular items of value, such as jewelry, furs, fine arts, silverware, etc., these may need to be individually scheduled. The homeowners policy provides limited coverage for these items, but always with a stated limit. The most common examples of stated limits are $1,500 for theft of jewelry and furs and $2,500 for silverware. Adding specific "schedules" coverage for your personal items can be done at a low with a recent appraisal or detailed receipt. By scheduling the items, they will not be lumped in with all of the general contents which are subject to a deductible compared to no deductible being applied for a loss to a scheduled item.

Other valuable articles is that the standard policy provides only limited coverage for loss by theft for cash, bank notes, securities, deeds, firearms, gold ware, watercraft, trailers, and business property etc. that are not individually scheduled.

An additional benefit is that scheduled items enjoy broader coverage than that provided under a traditional homeowners policy. The standard HO-3 provides "named perils" coverage; scheduled items get "open perils" coverage. For more about named perils vs open perils, click here.

We recommend that you have appraisals updated every 3–5 years to maintain adequate values. We have seen significant increases in value, especially for jewelry.

If you have any other questions about insurance and other sorts of coverage, do not hesitate to contact us. One of our staff will be happy to discuss policies with you.