Why You Should List Specific Items on Your Homeowners Insurance

Here are some of the benefits of scheduled personal property insurance.Why You Should List Specific Items on Your Homeowners Insurance

Your homeowners insurance is made up of four main coverages: property coverage, personal liability coverage, loss of use coverage, and personal property coverage. Your personal property coverage offers compensation for the personal belongings that are damaged as a result of a covered peril. However, this coverage is subject to certain limits. Oftentimes, standard policies will not offer enough coverage for high-value items such as jewelry, antiques, electronics, and so on. Luckily, you can secure the additional coverage you need with scheduled personal property insurance. Here’s what you need to know about this unique coverage.

The Limits of Standard Homeowners Insurance

Most homeowners insurance policies carry a dollar limit on what they will pay for different categories of items. For instance, your policy might have a $1,000 limit on jewelry. If you filed a claim for a piece of jewelry valued at $2,000, your policy would only offer you $1,000 in coverage, even if your overall personal property limits are higher. In this situation, you would be responsible for paying the remaining $1,000 on your own.

How Scheduled Personal Property Insurance Can Help

Scheduled personal property coverage is an optional form of insurance that you can add to your existing homeowners insurance policy. This endorsement offers coverage for a greater number of risks and increases the coverage limits for specifically listed high-value items. When you schedule your valuables, not only can you enjoy increased coverage, but you can also have the added benefit of lower deductibles or, in some cases, no deductibles at all. This ensures that you can access coverage for your most valuable belongings when you need it the most.

This is why you should consider investing in scheduled personal property insurance.  Do you have further questions regarding your personal property or homeowners insurance?  If so, contact the experts at VGW Walker Insurance in Texas.  We are ready to assist you with all your coverage needs today.