What is scheduling and should I consider it for my valuable items?
Scheduled endorsements allow you to add extra coverage to insure high-value items beyond the limits imposed by a standard homeowners policy. Along with homeowners’ coverage, scheduled items can typically be added to renters and condo insurance policies as well. Coverage limits for such items are customized based on their worth so that you may replace or repair them.
Why do it? Typically scheduling an item gives you more perils as well. This means that a typical home policy would not cover loss or mysterious disappearance. If you schedule an item this can be gained.
What items should you consider?
- Jewelry
- Fine art
- Musical instruments
- Firearms
- Stamp or coin collections
- Antiques
- Cameras
- Silverware
- Lawn equipment
While standard coverage may protect most of your possessions, more expensive items may need extra coverage. A wedding ring worth $5,000, for instance, would not likely be covered for its full value under most home insurance policies. While most policyholders have the option to increase coverage for such items, a better option may be to schedule high-value items for their full worth.
Start with a home inventory to establish a rough estimate of your personal property’s value. While this is a good practice for all of your belongings, it’s absolutely critical for collectibles or higher-value items. Take note of any items that could possibly exceed the sub-limit offered by most home insurance companies and consult with a professional at Oxford Risk LLC about whether or not additional coverage is needed. Furthermore, it’s likely that you will need to have certain items appraised in order for them to be accepted by your insurer. This appraisal will likely need to be updated routinely to account for any appreciation or depreciation of value. The cost of scheduled items insurance is likely to be approximately 1% to 2% of the item’s total value.