Homeowners insurance or renters insurance cover damages to your home during a fire, theft, or bad weather. This fact may cause you to wonder if they cover all types of losses, including misplaced properties. The answer is, these policies only cover such damages to your property that result from the events stated in your policy. Therefore, you will not be able to make claims for personal items that are lost or misplaced during uncovered events.
The Limits and Deductibles of Home/Renters Insurance
If you are staying at a hotel and your phone gets stolen from your room, your home insurance may cover the theft. However, you can’t make a claim if you lose your phone while on a walk. This is because such an event is not included in your insurance coverage. Note that damages that occur while you are away from home will have lower limits than those that occur within the four walls of your home.
Furthermore, both homeowners and renters insurance require a deductible. This is the portion of the costs that you have to pay out-of-pocket before your policy kicks in. Also, you are only covered up to your policy’s limit, so it is best to purchase adequate coverage that will minimize unexpected costs in the event of an emergency.
Note that you may need to take out additional coverage for high-value items like jewelry or artwork as they have limited protection under the standard home/renters insurance policy.
Scheduled Personal Property Coverage for Lost Items
Scheduled personal property coverage is a plan that covers your lost items. It is an optional coverage, but it gives you added protection for damages that aren’t covered under your typical home insurance.
It is an add-on coverage to your standard policy that allows you to schedule and increase coverage for certain valuable belongings. Scheduled personal property covers high-value items like precious stones, jewelry, expensive art, musical instruments, firearms, or cameras. Under your standard policies, you may have limited or lower coverage for these items, so scheduled personal property coverage serves as an added protection.
You will most likely need a professional appraisal to take out scheduled personal property coverage, and you will also be required to choose a deductible. Contact our experts at Gant Insurance for professional advice on which items to secure under this policy.
Do not settle for the standard home/renters insurance policy if you have high-worth items, as the costs involved in repairing or replacing such valuable items will drain your personal resources. With the right coverage plan, you can rest assured of being protected at all times. At Gant Insurance Agency, our team of professionals can help you find the right insurance policy for your home or rented apartment at affordable rates. Visit our site to get a quote today!