WEDNESDAY, AUGUST 10, 2022
Valuable items such as art, antiques or jewelry can be some of your most prized possessions. Although it may be easy to assume they are fully covered under a standard homeowners insurance policy, that is often not the case. Scheduled property insurance may offer the financial assistance you need to repair or replace these items if they are lost, damaged or destroyed. 
The knowledgeable team at Andrews Insurance Agency in Pawtucket, Rhode Island, can help you secure a scheduled property insurance policy that best suits your needs. Contact us today for more information.
What Is Scheduled Property Insurance?
Scheduled property insurance may also be known as a floater. It is an optional coverage that you can add to homeowners insurance.
Standard homeowners policies typically have relatively low limits on certain categories of high-value items. For example, they might only provide $1500 in coverage for jewelry. That means if you have a $10,000 necklace, you could have to pay the remaining replacement costs out-of-pocket if it is lost or stolen.
Scheduled property insurance can help raise the limits of your coverage, and when you receive replacement costs, depreciation is typically not factored in like with a standard homeowners insurance policies. Additionally, there are generally no deductibles associated with scheduled property insurance, and the financial protections it provides usually apply both at your home and away from it.
What Does Scheduled Property Insurance Cover?
For an item to qualify for scheduled property insurance, you may need to have it appraised by a professional or have a receipt from its purchase. Items of high value may be eligible for coverage, such as:
- Jewelry
- Art
- Antiques
- Collectibles
- Precious stones
- Musical instruments
Our agents can provide more information on which personal property may qualify and what type of documentation may be needed. Additionally, coverage on scheduled property insurance is typically written on an open perils basis, offering cover for all risks not specifically excluded by the policy. This is generally broader coverage than a standard homeowners policy provides.
How Much Does Scheduled Property Insurance Cost?
The price of scheduled property insurance varies. The value and the number of items you insure can impact premiums. Contact our agents today for a quote.
Get Scheduled Property Insurance
The experienced professionals at Andrews Insurance Agency can answer your questions and help you get the right scheduled property insurance. Reach out to us for additional information.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information
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