protecting your personal property

Why You Need Scheduled Personal Property Insurance

Learn what this specialty coverage can do for you.

If you have homeowners insurance in Plano, Texas, you probably know that your policy offers you four main coverages: property, personal liability, loss of use, and personal property. As the name suggests, your personal property insurance offers coverage for your belongings. However, it’s important to understand that the personal property coverage offered by your home insurance is subject to limits. Oftentimes, this means that homeowners do not have enough coverage for high-value items such as jewelry, fine art, electronics, and so on. Fortunately, you can fill this coverage gap by securing a special type of insurance known as scheduled personal property. Here’s what you need to know about this form of additional personal property coverage.

Homeowners Insurance Limits

Standard homeowners insurance policies have dollar limits on the amount of compensation they will provide for different categories of items. For instance, while your policy might offer you $10,000 in personal property coverage overall, it may specify a limit of only $1,000 on jewelry. If you filed a claim for a piece of jewelry worth $1,500, your insurance would only cover $1,000, leaving you to take care of the rest.

Addressing the Coverage Gap with Scheduled Personal Property Insurance

One way that you can increase your personal property coverage limits is by adding scheduled personal property coverage to your home policy. When compared to standard homeowners insurance, scheduled personal property offers coverage for a greater number of perils and increases the coverage limits of specifically listed high-value belongings. When you schedule items with this coverage, you also have the added benefit of lower, or in some cases no, deductibles when you file claims for the listed items.

This is why you should consider securing scheduled personal property insurance for your belongings.  Do you have further questions regarding your personal property coverage or homeowners insurance in Plano, Texas?  If so, contact the experts at Tri-Star Insurance/HUB International for assistance today.