Wondering what valuable items are not covered in your home insurance policy…if any at all? Here’s a video explaining why you may want to consider a Valuable Items Policy endorsement. This is also known as “Scheduling” an item if you want to use fancy insurance talk.
Scheduling an item is simple enough to do. You first have to take the item to get appraised. The appraiser then send their report to your insurance agent, and it can be added to your policy.
Our resident homeowners insurance guru, Cindy Koegel is especially serious about jewelry scheduling, because it is often overlooked when homeowners policies are created. (To see the blog post she wrote about why jewelry scheduling is important, click this link.) Did you know that your standard homeowners insurance policy only covers $2,500 in lost or stolen jewelry? That wouldn’t cover the cost of most simple wedding bands! Adding a Valuable Items Policy Endorsement just means that you would get the full value of your item (based on the previously mentioned appraisal) and you are NOT subject to a deductible. So every dollar you receive from the insurance company is not precluded by your ability to pay the deductible owed.
Scheduling plays an important part in any homeowner policy. It ensures that items like antiques, expensive artwork, jewelry, camera equipment and computer gear are insured for their actual REPLACEMENT Value, not just their value after depreciation. (For a great explanation on the difference between the two dollar amounts, see this link from The Insurance Journal.) This is the difference between actually being able to replace your item, and put receiving some money towards its replacement.
Contact Gillman Insurance Problem Solver Cindy Koegel at 678-297-7977 to discuss your options or get an instant rate quote. We don’t just write policies, we deliver solutions!