Here’s how this special type of insurance can fill your personal property coverage gaps.
Your homeowners insurance policy offers you four main coverages: property coverage, personal liability coverage, loss of use coverage, and personal property coverage. When it comes to your personal property coverage, your policy is subject to certain limits. These limits can make it difficult for homeowners to secure adequate coverage for high-value items such as jewelry, antiques, fine art, and so on. Fortunately, you can secure the additional coverage you need with scheduled personal property insurance. Here’s what you need to know about this special type of coverage.
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 may have $10,000 in personal property coverage overall, your policy may place dollar limits on certain categories of items. For instance, you may 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 rest.
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 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 what scheduled personal property insurance can do for you. Are you interested in learning more about your personal property or homeowners insurance? If so, contact the experts at The Schwab Agency in Colleyville, Texas. Our dedicated team is eager to assist you with all your coverage needs today.