Insuring You Valuables (Schedule Personal Property)

Today, we’re going to be talking about Restaurant Product and Liquor Liability Insurance. Whether it's a collection of baseball cards or your grandmother's pearl necklace, your possessions are priceless to you. Most of us own some type a valuable personal property however your standard homeowners policy offers only limited coverage, if any, for the protection of these valuables. For example, let's assume that heirloom pearl necklace is stolen. A standard homeowners policy limits the maximum amount that is available to reimburse you for a loss by theft of jewelry items. In fact, the standard homeowners policy only pays up to $1,500 in coverage and that's not even considering any policy deductible you would have to pay. If the necklace was valued at $10,000 you're going to be underinsured by several thousand dollars. So how do you make sure that you are adequately covered for your important collectible or valuable possessions? Take inventory of your possessions. Write down or take pictures of the items and note their value. Get an appraisal from a qualified professional and have your appraisals updated periodically as the value of some items may change over time. 

Requirements for appraisals usually differ by insurance company based on value and the type of item being insured, but an appraisal can speed up the claims process by helping you claims representative more efficiently determine the value of your items. When working with your independent insurance agent to insure your home, be sure to include a review of your important collectibles and other higher-valued personal property possessions. This will help your agent recognize any coverage restrictions you may have talk to your agent about scheduling your higher value possessions or collectibles on a Scheduled Personal Property endorsement.

This is an endorsement that's attached toyour homeowners policy and provides you additional coverage to insure your possessions are adequately covered should you suffer a loss. Although there is an additional charge, the endorsement provides broader coverage and in most cases, there's no deductible. While many of your collectible or valuable personal possessions are irreplaceable to you, don't find yourself without coverage should they be lost, stolen or damaged. Ask questions, take notes, and talk to your independent agent to be sure you have enough coverage for your valuables. I hope you enjoyed this session on everything you need to know about Insuring You Valuables (Schedule Personal Property). So always be sure to contact a professional before making any financial decisions.