Protecting Your Valuables: Scheduling Personal Property on Your Insurance Policy

You love your high-value collection of art, jewelry, or obscure historical firearms, and musical instruments. Collecting brings you joy and allows you to maintain an alternate form of wealth, while also preserving important aspects of history and culture. We get the draw. And we want to help you protect your invaluable collections against life’s inevitable what ifs. At BK Insurance and Financial Services, we’re ready to help folks looking for home insurance in Kent to find the best coverage that takes into account every angle of protection.

Valuables And Risk

If you’ve seen any amount of films in your life, you’ve most likely seen one that had a plot that involved stealing priceless valuables. In fact, the heist film is a whole genre unto itself. And even if you aren’t a well-known celebrity, it’s a fact that expensive items can bring unwanted interest from less-than-savory folks. More than that, if they are accidentally damaged or lost during everyday life, the price to replace them is often more than some collectors would be willing or able to pay.

This is where insurance comes in. While a standard homeowners policy covers most personal property, it does set limits. Many high-end items will fall outside of these limits simply because they’re valued higher. By capping limits, insurance companies can offer affordable coverage for the majority of people. Those who then need or wish to purchase additional coverage can ensure that any property that exceeds standard policy limits will still be protected in the event of damage or loss. 

What Is Scheduled Personal Property?

Personal property items that are valued above and beyond your homeowners policy limits fall into the category of what’s known as “scheduled personal property.” These are high-value possessions, and a policy holder would typically add on an endorsement or rider to ensure full protection in the event of damage or loss.

Some items that are best listed as scheduled personal property include:

• Jewelry and watches 
• Fine art and antiques
• Furs
• Firearms and bows
• Silverware and family heirlooms
• Electronics and camera equipment
• Musical instruments and related equipment
• Other collectibles (coins, stamps, rare memorabilia)

Whether your items are lost, stolen, or damaged, by scheduling personal property, you can be sure that the coverage is there to replace it. As is always the case, there are a few exceptions to this rule. General wear and tear, gradual deterioration, rust, neglect, intentional damage or destruction, and loss as the result of war are not covered losses.

How to Schedule Personal Property

The process of scheduling personal property is pretty simple. A policy holder will first identify any items they own which may exceed their policy limits. They can then work with an appraiser who is familiar with that type of item in order to find an accurate and up-to-date valuation. In some cases, an insurance provider may be able to provide contact information for recommended appraisers. The insurance company could also require proof of value from the policy holder in the form of receipts, photos, or other documentation. At this point, an endorsement can be added to an existing policy that covers the cost of the item(s) in question. Once this has been done, the item is protected! Since valuation can fluctuate over time, it’s best to review value and coverage limits annually to ensure continued protection.

The Benefits Of Scheduling High-Value Personal Property

When policyholders opt for scheduled coverage for high-value personal property, they can enjoy benefits that go far beyond homeowners coverage limits. For example, if a current homeowners policy caps personal property coverage limits at $3,000, and someone in the family has a piece of jewelry, a luxury watch, or a specialty firearm worth $10,000 or more, should that item be stolen during a break-in, the policyholder will be on the hook for the majority of cost to replace the item. If the item had been scheduled as an endorsement, the insurer would pay for the full replacement.

Another benefit of scheduling high-value items is that the policyholder is also protected against a wider range of losses, including disappearance and accidental damage–homeowners policies typically only offer limited coverage for fire or theft. Many scheduled personal property endorsements will also extend coverage to any location in the world, and there may even be an opportunity for low or no deductible.

Scheduled Personal Property and Home Insurance In Kent, Ohio

Whether you’re in need of home and car insurance in Kent, or small business insurance in Ohio, you can rely on the professionals at BK Insurance & Financial Services. Our team has the experience and expertise to help you find the ideal property insurance policy for needs. Contact us today to learn more about our personal and commercial insurance services–we’re here to help you stay safe!