Do You Have Scheduled Items on Your Homeowner Policy?
Did you know you can schedule Jewelry, Furs, Fine Arts, Firearms, Musical Instruments (not used professionally), Cameras, and Stamp or Coin collections on your homeowner policy?
Most people think that the above items are all personal property items and they are covered under my homeowner policy. Yes that may be true, but did you know your homeowner policy will cover those items only up to a certain amount, and only in certain cases.
Example of that would be with Jewelry, the homeowner policy has a limit on what they will pay and the only loss they will pay is for theft. What happens if you misplace it, or lose a stone from the jewelry item? Those are not covered losses under the homeowner policy.
The benefits of scheduling the items would be those claims would be covered. When you have items scheduled on the policy, in most cases, when you have a claim, you won’t have to pay the policy deductible.
One thing to remember is to keep your scheduled items up to date. If you get new items, don’t forget to add them. Or, if you give some items away, take the items off your policy. Every few years or so, you should get updated appraisals to make sure the items haven’t gone in price and you have them scheduled for a lower price.