If you own jewelry worth more than $1,500, musical instruments, better-quality cameras and lenses, golf equipment, or other valuable items, congratulations!
Now let’s make sure your investment in them is protected. Here are just three examples of where your home insurance would fall short.
Cruise vacation
You’re enjoying a cruise and toss some scraps to birds following the ship. Later, you realize your diamond ring is missing. You think it came off when you threw that last bit of bread to the gulls – 100 miles ago. Or you could have accidentally left it in the restroom when you washed your hands. In either case, your policy considers it a “mysterious disappearance” and your homeowners coverage does not cover the loss – $6,500 of your money is gone for good.
Burglary
Your long day just got longer. You come home to find that thieves broke into your house and made off with all your jewelry and watches. The sub-limits that apply to your homeowners coverage cap your payment at $1,500 for the lot, even though it was worth at least $12,000 in total. Ouch. That $10,500 loss really hurts.
National parks photo shoot
You’re in the Grand Tetons with your new mirrorless camera and telephoto lens, waiting to get the perfect shot of a bear and her cubs. The ground shifts and you drop your camera, shattering the body and lens – a $10,000 investment. Your homeowners policy does not cover loss caused by breakage, so you’re back to mobile phone selfies for the foreseeable future.
The moral of the story
Homeowners policies restrict both the cause of damage/loss they cover (e.g., the “mysterious disappearance” from the cruise ship and breakage) and the amount they will pay (e.g., only $1,500 total for all jewelry stolen).
Scheduled items coverage
So how do you make sure your valuable items are covered? You’d use a scheduled items endorsement (also called a floater or a rider) to itemize your valuable items and make sure they are covered for more causes of loss and for a more accurate replacement amount than your homeowners, condo unit owners, or renters policy provides.
There are major advantages to an endorsement
- It’s low-cost insurance with a premium based on a small percentage of the scheduled value of the items.
- It covers damage caused by more events – such as accidental breakage – than your home policy does. So, if you drop that expensive camera lens or musical instrument, you’re covered.
- No deductible applies if you file a claim. A homeowners deductible can be several thousand dollars, which may exceed the value of the item. No deductible applied for a scheduled item claim means you get more money back.
- It can provide replacement cost coverage, agreed-value, or blanket value coverage. You can elect to cover individual items or a group of items and determine what kind of valuation works best for you.
Anything you have can be lost, stolen from you, or accidentally destroyed. Here’s a partial list of types of items that can be covered by a scheduled items endorsement.
- Antiques
- Bicycles
- Cameras and camera equipment
- Fine art
- Firearms
- Jewelry, watches, and furs
- Musical instruments
- Silverware
- Stamps
- Sports equipment (e.g.: archery equipment, golf equipment, skis, snowboards, and tennis racquets).
Contact Us
If you want to explore scheduled coverage for your property, give us a call. Our Risk Coaches™ are licensed insurance professionals who are trained to look at coverage from your perspective. They’re glad to help you navigate the often-perplexing world of insurance coverage. Contact your local Risk Coach professional or call us at 800.342.5342, Monday through Friday from 8:00 a.m. to 8:00 p.m. ET.
