Extra coverage on specific items of high value!
Homeowners insurance is a crucial investment for any homeowner, as it provides protection for your home and personal property in the event of a damage or loss. One important aspect of homeowners insurance to understand is scheduled perils, also known as scheduled personal property coverage. In this blog, we’ll explore what scheduled perils are and they are important, as well as some common types of scheduled perils.
Scheduled perils are an additional coverage of your homeowner’s insurance that provides coverage on specific, high-value items in your home. Expect your premium to increase with this coverage. Instead of having a blanket coverage among your personal belongings the scheduled perils allow you to specifically list and insure individual items that are of high value or importance.
It may be important to have this coverage as it allows you to obtain coverage for high-value items that would not otherwise be covered by a standard homeowners insurance policy. If you own expensive jewelry, artwork, or antiques, these items may not be fully covered by a standard policy. By scheduling these items, you can ensure that you have adequate coverage in the event of damage or loss.
Common perils you will see are jewelry, artwork, and antiques. Jewlery is a common type of peril, as it is often of high value and can be easily lost or stolen. By scheduling your jewelry, you can ensure that you have adequate coverage in the event of theft, loss, or damage. Artwork is another popular scheduled peril and that would include paintings, sculptures, and other valuable pieces. By having art scheduled you can make sure you are covered properly on a usually large purchase. Antiques are another common scheduled personal property which can include furniture, China, and other valuable items that are often of high value and may not be covered by a standard homeowner’s insurance. Scheduled coverage on these provides a peace of mind that your belongings are covered in an event of loss or damage.
Some high value items are not eligible for scheduled personal property coverage, so you’d want to talk with your insurance agent directly to see your options.
Benefits of scheduling personal property:
- Broad Coverage
- Arguably the most attractive feature of scheduling your personal property is the greater range of covered perils. Not only are you getting more coverage for your valuable items, but you’re also covered on an open-perils basis. This means that all direct physical losses to your property are covered except for those specifically excluded by the policy. For example, losing an item is covered when the item is scheduled. Without scheduling the item, it wouldn’t be.
- Replacement Cost
- When you schedule your personal property, we’ll pay the replacement cost in the event of a loss. In other words, we’ll pay the cost to repair or replace your personal property with an item of like kind and quality — without deduction for depreciation.
- Low or No Deductible
- If you choose to schedule your personal property, you have the option to select a lower deductible or no deductible. This typically isn’t an option with the personal property coverage on your standard policy.
“Scheduled Personal Property & Articles| American Family Insurance.” Www.amfam.com, www.amfam.com/insurance/home/coverages/. Accessed 2 May 2023.
Minnesota Homebuyer’s connection (2022) Minnesota Homebuyer’s Connection. Available at: https://mnhomebuyersconnection.com/ (Accessed: March 24, 2023).
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