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Your homeowners property insurance policy covers not only your home, but also your personal property anywhere in the world. As long as you have an active policy and damage to your personal property is the result of a covered cause of loss listed in the policy, you’ll have coverage (there may be some conditions and exclusions set forth in the policy that apply). Some of our most prized possessions are taken with us when we travel and can be stolen, lost or misplaced, especially jewelry.

One thing I have noticed working in claims is many policyholders are aware they have coverage for their property while it is anywhere in the world, but are not aware of specific policy provisions governing this coverage. One of these provisions is the Special Limits of Liability Section under Coverage C – Personal Property. This section of the property form sets limits (highest amounts that can be paid) on certain articles of personal property like jewelry, watches, furs, precious and semiprecious stones, firearms and related equipment, and silver or goldware. What this means for you is, regardless of the amount of the items involved in a claim, the most the insurance policy will provide coverage for are those amounts listed under the Special Limits of Liability for personal property.

But what if your property is worth more than the limits of insurance your policy provides? That is where scheduling property comes into play. You can set an amount of insurance on specific pieces of personal property such as those named above so you have the proper amount of coverage for loss of these items.  Keep in mind, however, that the limit scheduled on the property is not necessarily the amount that will be paid if the article is lost or damaged. Contact your independent agent and they will work with you to schedule the property for a specified limit of insurance and explain how the property is settled and the loss is paid when a claim occurs.

Review your policy and take inventory of your personal property to determine if you are in need of more insurance than your base homeowners policy provides. A scheduled personal property endorsement might be for you!

The above is not intended nor should it be construed as a commitment or denial of coverage or limits of any kind. The above is based on policy forms and endorsements that may be different than what your insurance company and policy provides. The above cannot be used to support or deny coverage for any loss as each loss and your specific policy forms, provisions, conditions and endorsements need to be reviewed and coverage determined by a claim professional.

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