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Were you aware that most Homeowners policies contain special
limits on the amount of coverage for items such as jewelry,
furs, antiques, silverware, collectibles, guns, etc.? These
limits often include a $1,000 maximum for any one theft
claim on jewelry, watches or furs, or a maximum of $2,500
for the theft of silverware. Since the average value of
an engagement ring now approaches $2,000, you could find
yourself seriously underinsured in the event of a loss.
Few
things can be more unsettling when it comes to insurance
than the feeling you have not received the full value
of your damaged or stolen property after a loss. This
is especially true when the loss involves these kinds
of personal possessions whose values are difficult to
set or can change over a long period of time. A silver
service for example may be worth significantly less than
its original purchase price due to a drop in the market
price of silver.
A "schedule" is simply a way of specifically
listing valuable items on your homeowners, condominium
or tenants policy. The "schedule" includes a
brief description of each item and its dollar value. For
certain items of property such fine arts or high valued
jewelry, a professional appraisal of the item or a copy
of the sales receipt is sometimes required. This helps
assure the amount of insurance listed on the schedule accurately
reflects its current value. You're then sure that in the
event of a covered loss, the amount of your insurance is
enough to fully cover repair, replacement or cash payment
of the item.
There are other advantages to insuring personal property
on a scheduled basis. First, scheduled property is not
subject to the policy deductible. Second, coverage for
the scheduled property is actually broader than the "named
perils" such as fire, theft, and vandalism provided
under your basic policy. This broadening would include
most types of accidental damage to the scheduled property
which you might not normally consider. For example, a
schedule would provide coverage for a diamond which has
fallen out of its setting, or an antique table top damaged
by water leaking from a flower vase.
The cost of this valuable coverage is quite affordable
and depends upon the item being scheduled, such as fine
arts, jewelry, furs or silverware.
If you think you may have personal
items to schedule, check with
your independent agent. They
can explain "scheduling" in
more detail, and discuss with
you whether or not it is to your
advantage to "schedule" any
of your valuables. |
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