Owning a home is one of the most significant investments you will make in your lifetime. Protecting that investment with a homeowners insurance policy is essential, but did you know that standard homeowners insurance might not fully cover some of your most valuable possessions? This is where scheduled personal property coverage comes in.
At Preferred Insurance Agency in La Crosse, WI, we want to ensure that you understand how to properly protect your high-value items. Here’s everything you need to know about scheduling personal property on your homeowners insurance policy.
What Is Scheduled Personal Property Coverage?
A standard homeowners insurance policy includes coverage for personal belongings, but it typically has limits on how much it will pay for certain valuable items, such as jewelry, antiques, fine art, or collectibles. If you own high-value possessions, you may need scheduled personal property coverage, also known as an endorsement or rider, to ensure they are fully protected.
Items That May Need to Be Scheduled
While standard policies provide coverage for personal property, they often have sub-limits on certain items. For example, a typical homeowners policy may only cover jewelry losses up to $1,500. If you own a diamond engagement ring worth $10,000, that would leave you significantly underinsured.
Common items that benefit from scheduled personal property coverage include:
- Jewelry (wedding rings, watches, earrings, etc.)
- Fine Art & Antiques
- Collectibles (coins, stamps, rare memorabilia)
- Firearms
- Musical Instruments
- Electronics & Camera Equipment
By scheduling these items, you ensure they are insured for their full appraised value, rather than being subject to standard policy limits.
Benefits of Scheduled Personal Property Coverage
- Higher Coverage Limits – Unlike a standard policy, scheduled personal property provides coverage for the full appraised value of your valuables.
- Broader Protection – Standard homeowners policies typically only cover specific perils, such as fire or theft. Scheduling personal property can provide all-risk coverage, meaning your items are protected against a wider range of losses, including accidental damage or loss.
- No Deductible Options – Many scheduled property endorsements waive deductibles, meaning you don’t have to pay out of pocket when making a claim.
- Worldwide Coverage – Many scheduled personal property endorsements provide coverage whether you’re at home, on vacation, or anywhere in the world.
How to Schedule Personal Property
Scheduling personal property is simple and ensures peace of mind. Here’s how it works:
- Get an Appraisal – Your insurance provider may require an appraisal or proof of value for high-value items.
- Submit Documentation – Provide receipts, photos, or any other documentation needed for verification.
- Add an Endorsement – Work with your insurance agent to add a scheduled personal property endorsement to your policy.
- Review Annually – Keep your coverage up to date by reviewing it annually, especially if the value of your items changes.
Protect What Matters Most
Your homeowners insurance provides great protection for your home, but ensuring your valuable possessions have the right coverage is just as important. At Preferred Insurance Agency, we help La Crosse, WI homeowners secure the coverage they need for their most cherished belongings.
If you’re unsure whether your high-value items are adequately protected, contact us today for a policy review. Our team will help you determine if scheduled personal property coverage is right for you.
Get in touch with Preferred Insurance Agency today for a free consultation and protect what matters most! https://www.preferredlax.com/la-crosse-wisconsin/home-insurance/
Filed Under: Home Insurance, Homeowners Insurance | Tagged With: #guns, #homeinsurance, #homeowners, #jewlery, #lacrosse, #scheduledproperty