Homeowners insurance policies generally limit coverage for furs, jewelry, electronics, art, and collectible items such as stamps or coins. Policies often specify the maximum total amount that will be paid for all items damaged by an insured peril, as well as the maximum payout for any one item. If the value of certain groups of possessions exceed the limits specified in the homeowners policy, additional coverage is needed.
In some cases, the additional coverage can be added to your homeowners policy by endorsement. In other cases, you may want a separate policy for your valuable possessions or collectibles. Scheduling or itemizing these possessions also broadens the coverage available to include such perils as breakage and mysterious disappearance. Generally, each item has a scheduled value so there is a clear understanding of worth in the event of a loss. Insurance companies often require an appraisal to determine the value of scheduled items.
Click here to contact us for more information