Did you know that your Laguna Hills, CA homeowner’s insurance policy may have a limit on the amount of coverage available to you on certain high-end items in the event of a claim? Our Friant Insurance Agency team has put together this post on the importance of scheduling personal property items.
What Items Are Usually Best to Schedule and Why Should You Schedule Them?
In most cases, homeowner’s insurance policies put a cap on the total reimbursement amount for certain personal property items. These often include jewelry, furs, guns, artwork, computers, and some other electronics. For many policy contracts, the limit can be as low as $1500, which often doesn’t go very far when you’re talking about these types of belongings.
Scheduling them means that you are listing them specifically on the policy with a particular value amount, which lets the insurance company know that they exist and that you’ll be expecting full value in the event of theft, fire, or other claims.
How Do You Schedule Items on Your Homeowner’s Insurance Policy?
Recording personal property items aren’t usually that difficult of a process. If the item is new, a sales receipt and photos of the item are usually sufficient. If it is an antique or one-of-a-kind, such as artwork, jewelry, or guns, a professional appraisal certificate may be required. Then all you have to do is turn this documentation into your agent, who will then help you work through the necessary steps of adding the items to the policy. Coverage usually takes effect almost immediately but can depend on the insurance carrier’s exact regulations.
Learn more about how the personal property scheduling process works. Contact our Friant Insurance Agency team in Laguna Hills, CA to discuss your coverage needs in California.