Are Your Valuables Properly Insured? Here’s How to Make Sure!
The holidays may have brought you something special, or perhaps you own collectibles that hold sentimental or financial value. But did you know that your standard homeowner’s policy may not fully cover lost or stolen high-value items? Insurance policies differ by company and understanding how your policy protects you is important. Without the right coverage, you could be left with a major financial loss.
What are some of the benefits of scheduling an item?
Scheduling an item under a scheduled personal property endorsement offers several key benefits compared to relying solely on your standard homeowner’s policy.
- Higher Coverage Limits: Standard homeowner’s policies often have set coverage limits for certain valuables, such as jewelry, collectibles, and electronics (often capped at $1,000-$2,000). Scheduling an item ensures full coverage up to its appraised value.
- Broader Protection: Homeowner’s policies typically cover valuables only for specific perils like theft or fire. Scheduled property endorsements often provide all-risk coverage, meaning your item is protected against accidental loss, mysterious disappearance, or damage.
- No or Lower Deductibles: Claims for scheduled items often come with no deductible or a lower deductible, meaning less out-of-pocket expense in the event of a loss. Standard policies usually have higher deductibles that may not make a claim worthwhile.
- Agreed Value vs. Depreciation: With scheduled items, the full insured value (agreed-upon amount) is paid out in a claim. Standard policies may depreciate the item’s value, reducing the payout.
- Easier & Faster Claims Process: Since scheduled items are individually listed and appraised, there’s less hassle when filing a claim. Homeowner’s policies may require more documentation, and proving value can be difficult.
Follow these 4 steps to help protect your valuables
1. Take Inventory – Make a list of your valuable items, record a quick video, or take clear photos to document what you own.
2. Determine the Value – Note the estimated worth of each item or get an official appraisal from a qualified professional.
3. Share with Your Insurance Agent – Regularly review and update your agent with any new purchases, gifts, or inherited items.
4. Add a Scheduled Personal Property Endorsement – This coverage ensures broader protection for your valuables, giving you peace of mind.
Regularly communicating with your insurance agent is key. The more details you share, the better they can tailor your coverage to fit your needs. Here are some questions to ask your insurance agent to ensure your valuables are properly protected.
- What types of losses (theft, damage, accidental loss) are covered under my current policy?
- Are there any coverage limits on jewelry, collectibles, electronics, or other high-value items?
- Will my valuables be covered at full replacement value, or will depreciation be factored in?
Don’t wait until it’s too late—reach out to your agent today to ensure your valuables are fully protected! Contact our team today at 217-528-7533 or e-mail info@troxellins.com.
This article was written by:
Alysse Hewell