Advice For Scheduling Collectibles And Personal Items

Homeowner’s insurance policies provide coverage for specified amounts on specific items. For homeowners or renters that have collectibles in the form of baseball cards, China, postage stamps, firearms, furs, jewelry, or other high value items, purchasing an additional policy and “scheduling” those items will help with reimbursement in the event of a loss. In addition, it could help ensure you will receive the funds to purchase a replacement item of like kind and quality.

Personal property coverage provided under a homeowner’s insurance policy provides an upper coverage limit on specific items. To understand these limits, it’s best to speak with your insurance agent to gain an understanding of what will, or will not, be insured in the event of a loss. If you own items, or collections, that exceed the specified insurance provided under the homeowners’ policy, it is best to purchase a policy to schedule those items.

Here are some items to take into consideration if you are looking to speak with your insurance agent about this additional coverage:

  • High value items will require an appraisal. The appraisal will help ensure you receive proper compensation in the event of a claim. Additionally, you may want to provide photographs and other identifying information about the valuable item. Lower-value items in your home such as your television or computer or household furniture require a receipt as proof of value.
    • Increased premium for the policy. The price of the policy on the scheduled items will vary based on the price of the item being scheduled. On some policies, there is no deductible on a scheduled item policy.
    • A covered item is insured against “direct risk of loss, including breakage and mysterious disappearance.”

The additional cost, time, and effort involved in scheduling collectible items provides the owner peace of mind in the event of a loss, especially when replacement is necessary.