Were you on Santa’s “nice” list this year? Did he leave you diamonds rather than coal in your stocking? Or maybe you received a timeless piece of fine art on the 8th day of Hanukkah? If you received any valuable articles for the holidays (or any time of year!) now is the time to contact your insurance specialist to be sure your gifts are covered.
One of the best things about insurance is the way that it offers something that is very hard to find: peace of mind. The key to acquiring this success is to invest time with your agent to establish an insurance policy that is perfectly attuned to the needs of your lifestyle. Your agent is the expert on insurance coverages, but you are the expert on what you have that should be covered. Your home and family grow over the years and whether you add, subtract, renovate, move, upsize or downscale to meet your needs, your insurance coverage should also change and grow with you.
Homeowners, Condo and Renters Insurance policies provide a certain amount of personal property protection, but your coverage has limits and may not cover valuable additions. The limit on these policies refers to the maximum amount payable for each loss of or damage to unscheduled property. Unscheduled property is that which has not been specifically named for coverage on your policy.
The scheduled personal property endorsement is available as an addition to your Home/Condo/Renters Insurance policy. For an additional premium, your policy will cover loss or damage to personal property items whose value exceeds the personal property coverage limit available under your standard Home/Condo/Renters policy.
The following is an example of the limits imposed on different categories of property and may not reflect your specific homeowner’s policy provisions:
- $200 on money, bank notes, gold, silver, platinum, coins and metals;
- $1,500 on securities, accounts, deeds, personal records, passports, tickets and stamps;
- $1,500 for jewelry, watches, furs, precious and semiprecious stones;
- $2,500 for firearms;
- $2,500 for loss by theft of silverware, goldware and pewterware;
- $2,500 on property at the residence premises used at anytime or in any manner for business purposes.
Other items you may want to schedule:
- Digital, still and video cameras plus any additional equipment
- Musical instruments
- Fine Art (paintings, drawings, sculptures, vases)
- Sports equipment
Simply, if any of your prized possessions are worth more than the limits specified on your policy, the full amount for the items will not be covered. That is when you may choose to schedule the item, or list it specifically on the policy so that it will be covered. The best way to decide if you should schedule items on your policy is to communicate your concern with an insurance professional; we can help. Call or e-mail us today: 914-598-3004 or firstname.lastname@example.org. Remember, as your life changes, your insurance needs tend to change along with it.
Side note: Get a load of this gem–it’s Saudi Prince Waleed’s Mercedes-Benz SL 600. Holy bedazzling, Batman. Are those skunks on the seats?