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It Is Time To Insure Your New Holiday Gifts
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Homeowners Insurance Sacramento CA

The Importance of Scheduled Personal Property Coverage

The area surrounding the tree is finally being bombarded with shiny gifts and sparkly boxes. As you prepare to unwrap the goodies underneath the tree, it is important to remember the insurance implications of receiving expensive gifts. Far too many homeowners neglect the importance of insuring valuables, especially after the holiday season.

When it comes to insuring jewelry and other valuables, you must obtain scheduled personal property coverage. Despite popular homeowner neglect, this is the only way to guarantee the security of your most prized possessions. The standard homeowners insurance policy will only provide you with a limited amount of coverage for certain valuables like jewelry and collectibles.

Once the holidays are over, we recommend contacting your insurance agent to update your policy. Before the meeting, seek a professional appraisal to determine the replacement cost of your new expensive gifts. Once the submitted appraisals receive approval, you can rest assured that your new valuables will be protected to the fullest.

Unfortunately, not enough homeowners have scheduled personal property coverage. This vital form of protection provides you with coverage in the event that a scheduled item is damaged, stolen, or misplaced. These items will be replaced to you at replacement cost value, as opposed to actual cash value, which calculates the depreciation of the item.  It also broadens the coverage so that more kinds of losses are covered and it eliminates your deductible.

Since the coverage limits of your homeowner’s insurance policy will likely not suffice in providing your expensive technology, collectibles, fine art, firearms, and jewels with sufficient protection, it may be in your best interest to obtain scheduled personal property coverage.

Happy Holidays from our family to yours! We encourage you to add updating your scheduled personal property coverage to your to-do-list for December 26th! Serving Davis, Sacramento, and surrounding areas, contact Purves & Associates Insurance Services for all of your California homeowner’s insurance needs.