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Addressing Coverage Gaps with Scheduled Personal Property Insurance

Find out what scheduled personal property insurance can do for you.

Every insurance policy has its limits, and your home insurance in Lancaster, California is no different. For instance, the personal property coverage offered by your homeowners policy is subject to certain dollar limits. These limits can make it difficult to secure comprehensive coverage for high-value items such as electronics, jewelry, fine art, antiques, and so on. Fortunately, you can address these coverage gaps by securing scheduled personal property insurance. Here’s what you need to know about this unique form of coverage.

Understanding the Limits of Standard Homeowners Insurance

As previously mentioned, the personal property coverage offered by your home policy is subject to certain dollar limits. Even if your overall personal property coverage limit is $12,000, your policy will set separate limits for different categories of items. For instance, your policy might set a $2,000 coverage limit on jewelry. If you filed a claim for $3,000, your policy would only cover $2,000, leaving you with a gap that you must pay for yourself.

How Scheduled Personal Property Insurance Can Help

Scheduled personal property insurance is an optional coverage that can be added onto your homeowners policy. This type of insurance allows you to specifically list (or schedule) high-value possessions on your policy for coverage. Scheduled personal property insurance has three major benefits:

  1. It expands your personal property coverage limits for scheduled items.
  2. It offers coverage for an increased number of perils.
  3. It precludes you from having to pay deductibles when you file a claim for scheduled items.

This is how scheduled personal property insurance can help you. Do you have additional questions regarding your personal property or home insurance in Lancaster, California? If so, contact the experts at John E. Peakes Insurance Agency for assistance today.

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