Why You Might Need Scheduled Personal Property Insurance

Most homeowners know that they need an insurance policy to protect their home — but what about the items inside your home? Scheduled personal property insurance is another kind of policy that adds protection for valuable items that may not be covered or may not have enough coverage through your homeowners insurance, since limitations often apply to those policies. You may need additional coverage for your higher value or unique items. Scheduled personal property insurance is like an extra layer of protection, giving you extra peace of mind. 

Many people don’t know a lot about these policies, and so you might have questions. What does scheduled personal property insurance cover? How much do I need? Here are some answers to your questions. And to speak with a professional about protecting all the important things and people in your life, reach out to Farm Bureau.

What Does Scheduled Personal Property Insurance Cover?

Scheduled personal property coverage can be a valuable supplement to your homeowners insurance. Here are some of the items that a scheduled personal property policy can cover:

• Jewelry: If your wedding ring or other valuable jewelry is lost, your homeowners policy may have limited coverage for jewelry and you may need additional coverage. Talk to your agent about the value of your jewelry and about whether to insure it as scheduled personal property.
• Musical instruments: Do you own musical instruments, like instruments that you or your children play? They are often expensive items that can be easily damaged and can be lost or misplaced, especially if they’re getting carted around on the school bus. When you’re talking to an insurance agent about a scheduled personal property policy, ask about insuring musical instruments in your home. 
• Coins: A coin collection might be priceless and impossible to replace. Discuss how best to insure the collection with your agent. 
• Silverware: If your silverware is valuable — if it’s silver or antique, for instance — it might not be covered by your homeowners policy or it may have a limit of coverage that may not be sufficient. A scheduled personal property policy will help ensure that it is protected. 
• Prosthetic devices: If you need a prosthetic device to maintain your mobility, you’ll want to consider protecting it by including it on your policy.

How Much Scheduled Personal Property Insurance Do I Need?

The answer to this question has everything to do with how much valuable property you own. Take special note of anything that costs a lot, would be hard to replace or holds significant sentimental value to you. 

Then, go through your list and write down how much it would cost to replace each item or how much it was worth when you bought it. This helps with determining the stated value when scheduling your item. Keep in mind that some items may have limits on how much they can be insured for.

And finally, bring that list with you when you talk to an agent. They will help you decide how to ensure that your personal property is protected.

Protect What Matters Most

Ready to get started? Reach out to Farm Bureau to find out how scheduled personal property coverage can protect the things that matter most in your world!