Homeowners, Condo and Renters Insurance policies provide a certain amount of personal property protection, but your coverage has limits and may not cover expensive valuables. The limit on these policies refers to the maximum amount payable for each loss of or damage to unscheduled property. Unscheduled property is that which has not been specifically named for coverage on your policy.
The scheduled personal property endorsement is available as an addition to your Home, Condo or Renters Insurance policy. For an additional premium, your policy will cover loss or damage to personal property items whose value exceeds the personal property coverage limit available under your standard Home/Condo/Renters policy. Simply, if any of your prized possessions are worth more than the limits specified on your policy, the full amount for the items will not be covered.
The following is an example of the limits imposed on different categories of property and may not reflect your specific homeowner’s policy provisions:
- $200 on money, bank notes, gold, silver, platinum, coins and metals;
- $1,500 on securities, accounts, deeds, personal records, passports, tickets and stamps;
- $1,500 for jewelry, watches, furs, precious and semiprecious stones;
- $2,500 for firearms;
- $2,500 for loss by theft of silverware, goldware and pewterware;
- $2,500 on property at the residence premises used at anytime or in any manner for business purposes.
Other items you may want to schedule:
- Digital, still and video cameras, plus any additional equipment
- Musical instruments
- Fine Art (paintings, drawings, sculptures, vases)
- Antiques
- Sports equipment
