About Inland Marine Insurance
These are some factors (not all) that Heritage Insurance Agents will assess in determining which of our companies fits your risk management needs. We will then shop the price to ensure the best fit within those companies.
Scheduled Personal Property Defined:
Scheduled personal property is additional coverage that is over and above the typical coverage in a homeowners insurance policy. This coverage protects valuable items that are out of the ordinary and need to carry separate coverage to ensure that their full value is covered in the event of a claim, such as jewelry, guns, furs, electronics, fine arts, and collections.
A typical homeowners policy may cover up to a certain dollar amount on a piece of jewelry or gun; however, if your diamond ring is worth more than that certain dollar amount you will not get that item replaced. That is where scheduled personal property coverage comes in. That piece of jewelry would then be covered for its value instead of the limited amount on the policy.
Scheduling your belongings will likely cost you more in premium, but that coverage may come with additional benefits:
- Broader protection-
Scheduled personal property may be covered for additional risks, including accidental loss (like dropping your wedding ring down the drain), which typically isn't something covered by a standard homeowners policy. Be sure to speak to your agent regarding your coverage.
- No deductible-
When you have a claim on an item that you have scheduled, you are usually not required to pay a deductible, or that deductible can be lower than your actual homeowner deductible. That may not be the case for other belongings that fall under the protection of personal property coverage on your standard policy.
Because the value of certain items like antiques, collectibles, guns, and jewelry can increase or decrease over time, we suggest you get regular appraisals done to make sure you are purchasing the correct protection for your valuables.