Scheduled Personal Property – Christmas

Christmas is just past and for many reasons it’s a great time to take stock of the things you have.  Maybe you and your children each received a minimum of two throw blankets for Christmas (oh, that’s just my family? Neat!) and you’re deciding which to keep and which to donate, maybe there isn’t room for both the awesome new marble run and last year’s train set, or maybe the shoe shelf is overflowing. The holidays are a time of incredible generosity that can leave our hearts and our houses full. This video of MLB player Steven Souza, Jr. gifting his dad a truck was a great reminder that it’s better to give than receive:

Okay, yes, it’s better to give than receive, but still you still received gifts this Christmas. Most of the items you received are automatically covered as “Personal Property” under your home or renters insurance policy. But did you know that some items are not covered by a standard policy? Potentially expensive items such as jewelry, musical instruments, artwork, and electronic equipment often have a limited amount of coverage on a basic policy. These items can absolutely be covered but insurance companies like to know what valuable items they are covering and how much those items are worth.

Listing these expensive items on an insurance policy is known as “scheduling” and typically covers the item for an appraised value or, if it was just purchased, the purchase price of the item. Did you give or receive a new set of earrings for Christmas and want them covered? They should probably be scheduled. Did your parents gift you an expensive piece of artwork? Schedule it. As an aside, aren’t parents the best gift givers? It’s almost like they’ve known us our whole lives. 

We’d love to hear from you about the best gift you’ve ever received. Was it something of great value or something with deep personal meaning? And if you have any questions about adding coverage for an item you own, whether new or old, call and ask. We will be happy to advise you whether it is automatically covered or if it’s something that we need to consider scheduling.

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