Valentine’s Day may bring chocolates and roses. It may also bring you something shiny to wear on your finger or a lovely diamond pendant. If you receive a wonderful Valentine’s Day gift, make sure it is covered on your homeowners insurance policy.
Scheduled Item Coverage
While your homeowners insurance provides you with protection for your personal property, limitations often apply for certain types of items. In general, your clothing, furniture, small electronic items and appliances are covered for either actual cash or replacement value.
Items of personal property, including expensive jewelry, fine artworks, fur coats and coin or stamp collections tend to have set limits on the amount you can be reimbursed when it comes to a loss. These items are the types that require scheduled item protection.
Appraisals are normally required, but this type of insurance does provide additional benefits. Items are normally handled on replacement cost instead of a cash value basis. You will also receive coverage for more perils than are usually part of a standard home or renters policy. Deductibles do not normally apply to scheduled item loss. Exact policies do vary by the underwriting company.
At Phocus Companies, our independent agents will be happy to assist you with any questions about your current renters or homeowners insurance policy. For more information about insuring jewelry or other items in the Phoenix, Arizona area, contact us today.
