What You Need to Know About Scheduled Personal Property Insurance

Here's how scheduled personal property insurance can help you fill your homeowners insurance coverage gaps.

Like any other insurance policy, your homeowners insurance is subject to certain coverage limits. For instance, the personal property coverage offered by your policy is subject to specific dollar limits. These limits can make it difficult to completely cover high-value belongings such as jewelry, fine art, antiques, and so on. Fortunately, there is a special type of coverage known as scheduled personal property insurance that can help you address the coverage gaps left by your home policy. Here's what you need to know about this special type of insurance.

The Limits of Your Homeowners Insurance

As previously mentioned, the personal property insurance offered by your home policy is subject to certain limits. While you might have $10,000 in personal property coverage overall, your policy may place dollar limits on certain categories of items. For instance, you might have a $2,000 limit on electronics. If you were to file a claim for $3,000, your policy would only cover you up to $2,000, leaving you to cover the remaining $1,000 on your own.

Scheduled Personal Property Insurance

Fortunately, adding scheduled personal property insurance to your homeowners insurance policy can help you address this coverage gap. This optional type of insurance allows you to list (or schedule) high-value items on your policy to receive extra coverage. Scheduled personal property insurance has three main benefits:

• It increases your personal property coverage limits for the scheduled items.
• It offers coverage for more perils than standard homeowners insurance.
• It removes insurance deductibles if you file a claim for the scheduled items.

This is how scheduled personal property insurance can help you address the coverage gaps left by your homeowners policy. Do you have further questions regarding your personal property or homeowners insurance? If so, contact the experts at the Scavone Insurance Agency Center LLC in White Plains, New York for assistance today.