10 Jan 2019
What is Scheduled Personal Property Insurance?

Here’s what you should know about this special type of coverage.

While your homeowners insurance is designed to offer coverage for your personal belongings, this coverage is limited. Oftentimes, standard homeowners policies do not offer enough coverage to protect high-value possessions such as jewelry, antiques, fine art, electronics, and so on. Fortunately, adding scheduled personal property insurance to your home policy can offer you the extra coverage you need. Read on to learn more about scheduled personal property insurance and what it can do for you.

  • Understanding the Limits of Your Homeowners Insurance

As previously mentioned, while your homeowners insurance offers coverage for your personal possessions, this coverage is capped at a certain dollar limit for different categories of items. For instance, while you might have an overall coverage limit of $10,000 for your personal property, you may only have $2,000 of coverage for jewelry. If you filed a claim for a piece of jewelry worth $3,000, your insurance would only cover the claim up to the limit of $2,000, leaving you personally responsible for the remaining $1,000.

  • Scheduled Personal Property Insurance

Scheduled personal property insurance is designed to fill this coverage gap. This optional coverage can be added onto your homeowners policy and will offer coverage for more perils as well as higher coverage limits for the items you specifically list (or schedule) on your policy. As an added bonus, if you ever need to file a claim for your scheduled items, you will not have to pay your deductible before accessing your coverage.

This is what you need to know about scheduled personal property insurance. Do you have additional questions regarding your personal property or homeowners insurance? If so, contact the experts at Patterson & Associates in Richardson, Texas. Our dedicated team is eager to assist you with all your coverage needs today.