How Scheduled Personal Property Coverage Can Insure Your Expensive Belongings

Maybe your most valuable possession is the new engagement ring on your finger or the set of golf clubs in the trunk of your car. Perhaps it’s the smart TV mounted on your living room wall or the fancy watch on your wrist. Whatever it is, if it’s in your home, then it’s covered by your homeowners insurance, right?

Not quite.

Many homeowners mistakenly assume that their homeowners insurance will cover them for any loss, but that’s often not the case. The standard insurance policy probably isn’t going to cut it if you need to file a claim for something valuable.

If you own something of value that you care about, it’s worth insuring by adding scheduled personal property coverage to your homeowners policy.

What Is Scheduled Personal Property Coverage?

The standard homeowners insurance policy provides coverage for your personal property, which refers to your belongings in your home, like appliances and furniture. It may also provide some coverage for high-value items, such as jewelry, cameras and antiques. However, that coverage usually caps out at around $1,000 to $2,000.

That amount is not bad if you were to file a claim for a stolen necklace worth a few hundred dollars. But if your engagement ring is stolen—the average cost of which hovers at just over $ 5700 these days—you’d be in trouble. If you have a $1,000 limit for losses covered by your policy, that means you can only receive $1,000 from your insurance provider to replace it.

That’s where scheduled personal property coverage can help.

Scheduled personal property coverage is an optional insurance add-on that can provide additional protection for high-value items. This type of coverage can increase coverage limits and offer broader protection for risks not covered under the standard homeowners insurance policy, like if your diamond engagement ring falls down the drain while you’re washing dishes.

“Scheduled property” refers to property itemized on a homeowners policy, which serves as the basis for insurance payments in the event of a covered loss.

What Items Require Scheduled Personal Property Coverage?

While the standard homeowners insurance policy will provide coverage for your personal property up to a specific limit, certain big-ticket items carry limits not covered by homeowners insurance, including but not limited to:

Antiques
Artwork
Cameras
Coin and stamp collections
Expensive electronics
Firearms
Furs
Jewelry
Musical instruments
Sporting equipment, such as golf clubs

How to Insure Expensive Items

Standard homeowners insurance offers limited coverage, and your belongings may be more valuable than you realize. Follow these steps to start protecting your most valuable possessions:

Keep a detailed inventory of your belongings, ideally using a cloud-based program that you can sync across multiple devices and access wherever you are.
Take photos of your belongings, their serial numbers and store receipts, which serve as proof of an item’s retail value.
Get items appraised by an expert. Photographs and receipts are helpful, but you can’t tell whether a diamond is real or fake from a picture. An appraisal is a document that verifies an item’s value, authenticity and that it was in your possession at the time of the appraisal. Your insurance agent should be able to put you in contact with an appraiser near you.
Contact Skyscraper Insurance to have your items added to the list of your possessions on your homeowners policy. This helps to ensure that you’ll receive the appropriate value of an item if it’s ever lost, damaged or stolen.
Store important documents in a safe deposit box. In addition to keeping copies of these documents in cloud-based storage, it’s smart to keep physical receipts, appraisals and photos too.

It’s also important to periodically have your items reappraised, as they may increase in value and require more coverage. Even if your existing homeowners insurance policy includes scheduled personal property coverage, your items could be underinsured if they haven’t been recently appraised—meaning they may not be fully covered in the event of a loss.

Protect Your Personal Valuables

Adding scheduled personal property coverage costs a few extra dollars per year, but it can save you thousands of dollars in the long run and give you peace of mind knowing that you’ll be fairly reimbursed should the unexpected happen.

Although adding scheduled personal property coverage can provide additional coverage, it may not insure every item of your personal property up to its value. Policy terms, conditions and restrictions may exclude or limit coverage for any loss.

Still, if you own anything you think is valuable that you’d hate to lose, you may want to contact your insurance agent. Skyscraper Insurance in your neighborhood or 212-470-1953 to discuss your options and determine whether adding scheduled personal property coverage to your homeowners insurance policy is right for you.

Specific Technologies Driving Insurtech Investment in 2024

Understanding the Funding Decline The decrease in funding does not necessarily spell trouble for the insurance sector but instead highlights a strategic shift, the report suggests. “The insurance industry, like many sectors, is focusing on the most promising ventures with substantial insurance potential,” the report explains. “Insurers are directing their investments toward key areas and current trends such as embedded insurance, employee benefits, and cyber risk management. This strategic investment approach signals a forward-looking mindset within the industry.” Three Key Insurtech Trends for 2024 The report identifies three major trends shaping insurtech investments in 2024: Public Insurtech Companies: Financial and Growth Strategies The report also notes that public insurtech companies are prioritizing revenue growth as their main goal. These firms are restructuring their financial strategies to boost cash flow and capitalize on rising revenue streams. Their growth prospects are supported by expanding asset portfolios and strong market demand. “Public insurtech companies are focusing on revenue growth and optimizing their financial frameworks to increase cash flow,” the report states. “The growth potential for these companies is driven by increasing revenue opportunities, broadening asset bases, and a robust market for their services.” In summary, while global insurtech funding saw a decline in 2023, the industry’s focus on GenAI, digital process management, and connected insurance technologies is setting the stage for a dynamic and forward-looking 2024.

Business

Insurer Secures Unanimous Supreme Court Victory in New York Choice of Law Dispute

In the world of sports, a clean sweep, a shutout, or a perfect game is the ultimate achievement. In the legal arena, a unanimous decision from the U.S. Supreme Court is equally rare and significant. In a notable legal triumph, Great Lakes Insurance SE achieved a unanimous 9-0 victory in the Supreme Court on February 21, 2024. This victory follows a protracted legal battle that began in the District Court of Pennsylvania, advanced to the U.S. Court of Appeals for the Third Circuit, and culminated in the Supreme Court’s decisive ruling. Background of the Case: Great Lakes Insurance SE v. Raiders Retreat Realty Company The heart of the dispute was the insurance contract’s clause selecting New York law to govern any future legal conflicts. Although the financial implications of this case were relatively minor compared to the broader marine insurance industry, the insurer’s determination to uphold a crucial maritime legal principle has significant long-term implications for marine insurance. Faced with the insured’s counterclaims—including allegations of breach of fiduciary duty, insurance bad faith, and violations of Pennsylvania’s Unfair Trade Practices Law—the insurer was confronted with serious risks. Such claims could lead to the shifting of attorney’s fees, treble damages, and more, which might normally encourage insurers to settle rather than risk pursuing justice. However, Great Lakes Insurance, supported by The Goldman Maritime Law Group, opted to challenge the Third Circuit’s decision and seek clarity from the Supreme Court. Supreme Court Ruling: A Landmark Decision In a landmark ruling, Justice Brett Kavanaugh affirmed that choice of law provisions in maritime contracts should be upheld by default. This ruling is a major victory for establishing a consistent federal standard in maritime law and avoiding a patchwork of state laws that could complicate marine insurance disputes. The Supreme Court’s decision overturned the Third Circuit’s earlier judgment, which had questioned whether Pennsylvania’s public policy concerns might override the insurance contract’s choice of New York law. By upholding the New York choice of law clause, the Supreme Court eliminated the extra-contractual bad faith claims under Pennsylvania law, thereby ensuring that the dispute could be resolved based on the merits of the insurance claim itself. Significance of the Supreme Court’s Decision This ruling represents a significant advancement in maritime law, affirming that choice of law clauses in maritime contracts are generally enforceable. The decision establishes a clear, uniform legal framework for resolving maritime contract disputes, which will streamline the process and ensure fair adjudication of future insurance claims. Justice Clarence Thomas’s concurring opinion was particularly notable for its criticism of the 1955 Wilburn Boat v. Fireman’s Fund Insurance decision, which had previously influenced maritime insurance law. Thomas argued that Wilburn Boat was incorrectly decided and stressed that a uniform and enforceable set of rules is essential for the development of maritime law. Impact on the Marine Insurance Industry The Supreme Court’s decision sets a “bright-line” rule affirming that choice of law clauses are valid unless there is a strong argument against the selected jurisdiction. By endorsing New York’s insurance laws as a reasonable choice, the ruling supports a more consistent and predictable legal environment for marine insurers. This decision represents a major step forward in maritime law, helping insurers better assess risks, determine premiums, and ensure fair and efficient resolution of maritime insurance disputes.

How Scheduled Personal Property Coverage Can Insure Your Expensive Belongings