You’re probably in the high percentage of people that have lost their phone due to water damage. The first time it happens you think “ah but I have insurance, perfect!” only to discover water damage isn’t part of the policy at all.
In fact, water damage is ranked first when it comes to us breaking our beloved technology, meaning we still have to fork out a small fortune even if we’ve been savvy and prepared with what we think is a great insurance package.
It is the same for your home. Most standard homeowner insurance policies have a limited amount of coverage, often with you not really knowing the full ins and outs. This blanket level of coverage may not necessarily include items you would have put near the top of the priority list.
Contacting the best in the business about homeowner insurance coverage is always advised when getting the most out of your home insurance, especially when it comes to your most prized possessions, and Insure Me Too can get you a quote within minutes. Here is some of their advice on how you go about managing these assets.
Overview
Those special belongings that you wish to insure may not be so special for the insurance company whose main aim is to focus on getting those big substantial items covered. Certain items of jewellery, silverware and collectables may all miss that list. If anything were to happen, you may find yourself cut short.
In fact, most insurance policies do limit jewellery to a certain amount, something you, no doubt, value dearly. A price of say $6,000 can be easily spent when it comes to your most prized possessions. Our rings and watches can rack up bills beyond this.
Scheduled Items
The easiest option to combat restrictive policies and ensure your belongings are well protected is to set up a ‘scheduled item’ (also referred to as a ‘floater’). Acting as an extension of your usual coverage, specific items are added for your peace of mind if anything should happen, especially if you are the unlucky victim of a burglary, or just simply unlucky.
For example, if your beloved $7,000 watch was under the usual homeowner policy that allocated just $5,000 for all jewellery, you will get that amount back instead of the price of the item or the item itself. Scheduling the watch means you cover the entire (and more realistic) cost of the item. This usually covers theft, accidental damage and natural disaster.
It isn’t just the item being taken from your grasp completely, but accidents as well. Are you covered if a stone falls out of your Engagement ring? Or flooding that has damaged your antique clock. If this is the case, you may contact an insurance damages expert for a professional assessment.
You never know what life has in store and it’s important to be prepared for the worse. Your mind will rest easy, and if worse comes to worse, your belongings are in the best capable hands.
But what is the catch?
Well, there isn’t one. Scheduling items simply means you have a small additional yearly premium on top of the usual policy but this is it. Companies do vary on what they can offer so it is best to get a quote from the professionals.
Items you may need to schedule
- Jewellery (could include watches)
- Collectables (such as stamps and coins)
- Artwork (including paintings, books and statues)
- Technical equipment (video cameras and computers)
- Money
- Silverware
- Family heirlooms
- Firearms
- Big items not strictly attached to your home (e.g. trailers and boats)
Steps to protecting scheduled items
- Talk to the broker; when setting up your policy, ensure you have that adequate coverage for items that are high value but not on the list.
- Create a list of all the items you wish to insure. This needs to include a detailed description of each item and the appraised value.
- The additional yearly premium offered is reprehensive of your belongings.
- Back up for scheduled items with a copy of the report for you (including the detailed list of all of your items as well as photographs to keep track).
And if the worse happens
You’ve been burgled. There has been torrential flooding. Basically, something bad happened. What next?
Scheduled items are an extra layer of protection and give you the best chance of getting your belongings back, or at least the correct price for them. Each item you have scheduled will be replaced to you at the full value and you’re not required to pay any deductible.
Of course, some sentimental items are simply unreplaceable but the reassurance you can get from insurance that covers it all can make the situation a whole lot better. So review and update your insurance…before it is too late.
