What does it mean to schedule something on your policy?
Generally speaking, home and tenant insurance policies have a designated amount of money that they will compensate in the event of a total loss. Scheduling an asset on your insurance is specifically naming that item or collection and having a value assigned to it that would be compensated if there was a total loss.
As an example, your home or tenant policy might have coverage of up to $10,000 for jewelry in the event that it is a total loss (fire, theft, etc.). If you were to have a $15,000 engagement ring on top of $5,000 worth of other jewelry your total value would be $20,000 and nearly double the payable amount on your insurance policy. You could schedule the engagement ring on your insurance policy separate from the rest of your jewelry. If all of the jewelry was lost, you would have coverage for the full value of the engagement ring in addition to the other jewelry. In the event that just the engagement was lost, having the ring scheduled would cover the cost of ring beyond the $10,000 limit for jewelry.
Scheduling items on your insurance permits the item or collection in question to be compensated above the maximum value allowed on that category.
What kinds of things should I schedule?
Collections
If you have a collection of rare or expensive items, you may want to consider scheduling them as a bundle. This might include rare stamps, vintage records, jewelry, collectibles, sports memorabilia, etc. Scheduling an entire collection will have a combined limit and an individual limit.
The combined value of the collection may be worth $50,000 as the entire lot, but individually the items are mostly worth less than $1,000. When scheduling a collection, it’s important to note that coverage for an individual item may have a maximum amount. This can vary by company, but an individual item in a collection will likely have a maximum coverage of 20-30% of the total collection.
As an example, if you were to have a $100,000 collection of sports memorabilia, the maximum amount of a single item in the collection would be between $20,000-$30,000 (depending on the company). If you have an original game worn Gordie Howe jersey worth $40,000, you may need to consider scheduling that individual item.
Bikes and Scooters
Something that might not be obvious to schedule on your insurance is a bicycle or electric scooter. While it can vary by company, the coverage available for these types of products can max out at $1,000 in coverage. If your bicycle is worth over the maximum limit, you may want to schedule the item on your policy. Note electric bicycles and scooters can quickly go above and beyond the maximum replacement cost.
Utility Trailers
A utility trailer that has a value over $2,000, it may be a good candidate for scheduling. Depending on the value of the trailer, your regular policy may have sufficient coverage for the replacement costs. A holiday trailer will need to be on it's own policy and cannot be named on a home insurance policy.
Can I Schedule antiques?
The short answer is yes, you can schedule antiques on your home/tenant insurance. Where things can get a little dicey is determining the replacement value on an item. If you have a family heirloom, it can be hard to discern the actual value rather than the perceived value.
In order to get an antique scheduled, it will need to be appraised by a professional. As an example, if you have a cuckoo clock built in Warsaw in 1938, it will likely be a an item that is virtually irreplaceable. An appraiser can determine the actual cash value rather the sentimental value that it holds.
Final Thoughts
If you're making a large purchase for you or one of the members of your household you may want to look at your home/tenant policy to ensure you have sufficient coverage. Not sure if you have the right coverage? Talk to one of the insurance experts of Armour Insurance. Our brokers have the expertise to get you the right coverage for your assets.
