From antiques to fine jewelry, you probably have more valuables in your home than you realize. If you're like most people, there are certain treasures you own that you can't imagine losing. Those irreplaceable possessions may have a large price ticket, may have been gifted to you by family, or may be something you deeply cherish. If a tragedy occurs, are you prepared? Are those valuables protected? Surprisingly, home insurance may not protect your trove in the same way a scheduled personal property endorsement will. That’s where Morris & Templeton Insurance comes in; they make sure you are covered.
Your homeowner’s insurance is still invaluable and very necessary. It covers the loss or destruction of your home’s structure. It also protects most of your belongings such as clothing, kitchen utensils, furniture and wall decor; but it may only provide partial coverage for those cherished items. Oftentimes, when the value of your belongings exceed the personal property limit in a standard homeowner’s policy that’s when a scheduled personal property endorsement had be added. It's an optional coverage that provides that peace of mind for certain high-value items.
Jewelry valuables
How do you know if you need this added protection? Take some time, look around your home and make a list of the most valuable and cherished items around you. Usually it’s your jewelry, antiques, fine art, collectibles, musical instruments, firearms, autographed items, silverware or fine china, heirlooms, or even your wine collection. Then you will need to get those items appraised to dictate their full-coverage needs.
It’s all in the minute details when it comes to insurance coverage. For example, your homeowner’s insurance may have a $2,000 sub-limit on what your insurance will pay for jewelry after a theft. But say the stolen piece of jewelry has a value of $3,000. If you do not have a scheduled personal property endorsement, then you will most likely only be covered up to the $2,000 sub-limit, even though your overall personal property limit is likely much higher.
In all, there are two major benefits of scheduling valuables: broader protection and no deductible. Scheduled personal property provides the coverage you need for a greater number of risks. For example, your china cabinet breaking and all of your fine china shattering into pieces isn’t usually covered by a standard homeowner’s policy, but it is protected when you schedule your valuables. You also have the option to lessen the deductible or choose no deductible for scheduled items.
It is recommended that you complete an inventory every year or so, as the value of certain items rises and falls. You may also acquire new items over time and need to add scheduled property to your policy.
Morris & Templeton Insurance can help you sleep better at night knowing your most cherished items are covered in an accident, tragedy, or emergency. They will help you choose the protection that best fits your needs. Give them a call today at 912.355.4549 or visit morristempleton.com.
