Why I Suggest Scheduling Items on Your Policy
In this blog, I will review why I suggest scheduling items in your policy. No one can predict when a valuable item will go missing. Priceless items and keepsakes such as jewelry are a high priority item, I suggest scheduling on homeowner’s policies.
REAL EXAMPLE OF WHY I SUGGEST SCHEDULING ITEMS ON YOUR POLICY
A few weeks ago, I received an email from a client. She was distraught because she lost the wedding ring her deceased husband purchased for her years ago. A few weeks ago, I received an email from a client. I told our client how sorry I was that she lost such a sentimental item. I worked with the client to review her policy and confirmed this piece of jewelry was not scheduled on her policy. The client and I then discussed that loss or misplacement of an item is not covered in peril, therefore it is not a loss that would be covered.
UNDERSTANDING WHY I SUGGEST SCHEDULING ITEMS ON YOUR POLICY
Based on many situations such as the one above, I always suggest scheduling items on homeowners’ policies. The advantage of scheduling a specific item is the broader coverage without a deductible, in most cases. This broader coverage includes the accidental loss or mysterious disappearance of an item, which occurred in this situation. Also, scheduled property is usually written on a replacement cost basis, so the carrier pays what it costs to replace the item and does not account for depreciation.
COVERAGE LIMITS TO BE AWARE OF
Typically, there is limited coverage under Special Limits and Additional Coverages for loss by theft of jewelry, watches, furs, precious and semiprecious stones, this coverage is usually limited to $1,000-$1,500 in the policy. In order to ensure your items are covered, refer to the specific policy in question. If you have any questions, feel free to reach out to me via email.
At Conner Insurance, we have set the standard for superior guidance and exceptional service for more than 70 years. Contact us at (317) 808-7711 to speak to one of our advisors. We serve clients across the entire country. Our headquarters is in Indiana and we have satellite offices to serve clients in all 50 states.
Disclaimer: These monthly blogs contain general information and may be subject to change. Policy language may vary by insurance carrier, so please refer to the specific policy in question. The Claims Advocate does not make any representations that coverage does or does not exist for any claim or loss and in no way guarantees coverage for claims.