Homeowners insurance is designed to protect yourself, your property and your belongings. What if you discovered that the most valuable items in your home weren’t actually protected by your standard homeowner policy? That could be the case if you own high-dollar items.
There are limitations built into most standard home insurance policies for coverage on items like musical instruments, valuable collections, jewelry, and other luxury items. It’s not uncommon for the value of these items to exceed the limits of your standard homeowners policy. An insurance rider, known as scheduled personal property coverage, is available to provide adequate coverage for these types of items.
What Does Scheduling Mean?
Scheduled personal property coverage involves the creation of a “schedule” (an itemized list) of higher-value items to be covered under a special personal property insurance rider added to your existing homeowners insurance policy. Blanket coverage for jewelry can be acquired under certain limitations.
Benefits of Scheduled Personal Property Coverage
In addition to providing protection against situations where standard coverage would not apply, you may be able to file certain claims without paying a deductible under some personal property riders. This is particularly useful if you’ve chosen a high-deductible plan to lower your premiums, as some high-end items may be equal to or only slightly less expensive than a high deductible.
Items you can Schedule
Types of items that are best suited to this type of added coverage include:
Find out more about protecting your most valuable possessions with scheduled personal property coverage, and explore the options best suited to your unique situation by contacting your insurance agent.
This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.