Reminder: Your Homeowners Schedule Is Your Seasonal “Nice List”
By Lauren Dallas, Personal Lines Manager
The holiday season is soon upon us! People everywhere are getting excited about giving and receiving gifts. Of course, nobody wants to dampen that enthusiasm by thinking about their insurance policies, but it is very wise to do just that.
As we shared a couple of years back, it is important to add high-value items to your homeowners or renters insurance policy should the item get lost, stolen or damaged. That would put a damper on the holiday season far more than taking a few moments to make sure your insurance policies are accurate and up to date!
Whether you are on the giving or receiving end of a valuable gift this season, be sure to add those precious presents to your insurance policy by way of a “schedule” — perhaps otherwise known as your proverbial “nice list” this time of year.
Ensure Your Valuable Gifts Are Covered
Popular holiday gifts often include jewelry, fine art, designer accessories and other high-value items. While it’s easy to get swept up in the excitement, don’t forget the practical side: these items hold financial, as well as sentimental, value.
Small but expensive items, like engagement rings, are unfortunately vulnerable to being lost or stolen — even during the holiday season. Ensuring they’re protected can help avoid both financial and emotional loss if the unexpected happens.
To fully protect these items, consider scheduling them on your insurance policy. This goes beyond simply adding them as personal property, which may leave them subject to depreciation and deductibles. Scheduling means the item is covered at 100% of its agreed value, often with no deductible, ensuring that you’re reimbursed fully should you need to file a claim.
Scheduling high-value items typically involves a small fee but provides comprehensive coverage in case of theft, loss or even “mysterious disappearance.” If, for example, a $10,000 diamond ring is scheduled and gets lost, the policyholder receives the full $10,000 in replacement value, with no deductions or depreciation — a big difference from general personal property coverage.
Steps to Take After Receiving or Giving a High-Value Gift
If you’re the recipient or the gifter of a high-value item this season, here are a few simple steps to make sure it’s fully insured:
- Contact your insurance professional. Reach out to your insurance professional as soon as possible. They can guide you through the process and clarify any requirements, like obtaining an appraisal for items over a certain value, often $15,000.
- Choose scheduling over basic personal property coverage. Scheduled items are covered more comprehensively, so if there’s an option, consider scheduling. Your insurance professional can explain the differences and help you decide.
- Document the item. Photos, receipts, and appraisals are invaluable should you ever need to file a claim. Good documentation supports your claim and can expedite the process.
- Let your insurance professional handle the details. Situations like gifting an engagement ring can be a bit more complex. If the recipient doesn’t live with the gift giver, the item must be insured on the recipient's own homeowners or renters policy, not the giver’s. When living arrangements change, so should the policy to ensure coverage.
- Reassess the value over time. High-value items can appreciate, particularly art and collectibles. Check with your insurer about reappraising your valuables every few years to ensure their coverage reflects their current value.
There’s No Time Like the Present to Protect Your Precious Presents!
Enjoy the holiday season to the fullest, but remember that some gifts carry both sentimental and financial value that deserves protection. A little planning now can prevent significant loss later and ensure that come claim time, you receive the full replacement value of your cherished items.
Contact us, and we’ll help guide you through the best steps to protect your new treasures. Were you on someone’s “nice list” and now need insurance advice? Please contact us and we’ll help guide you through the best steps to protect your new treasures.