Last August, I lost something very important to me – my wedding ring! I took it off to wash the dishes and when I went to find it the next morning, it was gone. I searched my trash can, recycle bins as well as all through the house. At first, I was really upset until I remember that we had insured it!
Insuring personal property isn't hard, but you have to remember to do it. Sometimes it's referred to as "scheduled personal property" by insurance companies. If you're not sure, ask, your insurance agent will know be able to help you right away.
What types of things can I insure?
The most common form of scheduled personal property is jewelry, but things like guns, artwork and collectors toys/cards can also be insured. You'll have to show what your item is worth either with a receipt or with an appraisal. By having an appraisal or receipt, you'll make sure the full value of the item is replaced.
How easy to insure personal property?
Fairly easily. Just by having the receipt or appraisal, you'll be able to add the item as a scheduled personal property item to your policy. Just call and tell your insurance agent that you need to have a valuable added to the policy. They should be able to get it added the same day in most cases. Also, be aware you may have to submit a picture of the item, so go ahead and send that with the receipt/appraisal.
You will most likely have a small increase in your monthly payment, depending on how much your scheduled personal property is, but it will be miniscule in relationship to the cost of the item.
But why won't my home or renter's insurance take care of that item?
Homeowners and renters insurance have limits on certain items, especially when it comes to important personal items such as jewelry, guns, ect. Most policies only cover up to $1,000 on items total. For example if your house burnt down, you may get $1,000 to cover ALL of your jewelry. It may not be enough there to replace all of the items that were destroyed.
**All insurance policies are different, if you're unsure of your limits, ask!**
After we lost my ring, we filed a claim and we were able to purchase a new ring in no time. While I was devastated my original ring was gone, I was glad I was able to use our scheduled personal property insurance to get a new ring. Here's hoping we never have to use it again, but if we do, we have it insured!