If you have a homeowner’s or renter’s insurance policy, you might think that all your items are covered. Well, that’s not always the case. Some things, like baseball cards, stamps, guns, furs, jewelry, or anything else that’s worth a lot of money, might need extra protection. That’s where “scheduling” comes in. Scheduling means buying a separate policy or additional endorsement for those items so you can get your money back if something bad happens to them. It also means you can get enough money to buy a similar item if you need to.
Your regular insurance policy has a limit on how much it will pay for certain things. You can find out what those limits are by talking to your insurance agent or reviewing your insurance policy. If you have things that are worth more than the limit, you should think about scheduling them.
Here are some things to keep in mind if you want to schedule your items:
- You may need an appraisal. An appraisal is a professional estimate of how much your item is worth. It will help you get the right amount of money if you make a claim. You might also want to take pictures and write down some details about your item like where you got it and what condition it’s in.
- You’ll pay more for the policy. The cost of the policy will depend on how much your item is worth. Sometimes, you won’t have to pay a deductible if you schedule an item. A deductible is the amount of money you have to pay before the insurance kicks in.
- Your item is covered for almost anything. Scheduling an item means it’s protected from things like breaking, getting lost, or getting stolen.
Scheduling your items might cost you some extra time and money, but it will give you peace of mind knowing your items are covered.