Personal Property Coverage
Scheduled personal property coverage covers your unique items that might not otherwise be covered under your homeowner’s insurance plan. For example, if you have valuable jewelry or custom medical devices that exceed the coverage built into your homeowner’s insurance plan, you may wish to extend coverage to protect the full replacement value of these items, in case of an incident.
Who needs personal property coverage?
If you have high end or luxury items, special custom tools for work or hobby, antiques, musical instruments, and other valuable goods that you don’t want to lose, you may find peace of mind with a personal property coverage plan.
To determine whether this type of coverage makes sense for your individual situation, do a room-by-room walk through and write down items that you might need to replace after a natural disaster or theft. Then, add together the value of these items. If this figure is higher than what your standard homeowner’s insurance payout would be, then you may want to consider adding scheduled personal property coverage to your plan.
There are, of course, exceptions to personal property coverage. Typically this includes things like loss due to regular wear and tear or rust and corrosion. Your agent can help you to understand how these losses are determined.
Benefits of personal property coverage
Low deductible – you may be able to choose a low deductible or none at all, which isn’t usually an option for replacement without scheduled personal property coverage
Replacement value – you can choose to reimburse lost items at replacement value, that is, the value of the exact item you have, rather than actual cash value, which is the average value of the item category into which your loss falls.
To learn more about scheduled personal property coverage, contact Gracepoint Insurance today for a consultation!