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Did Santa put something special for you underneath your tree this year?  Maybe it was a ring or bracelet. Maybe it was a camera or new computer. Or maybe that special someone got down on one knee and gave you a gift that you will never forget. Either way, you may find that your insurance policy might not cover or have limited coverage for these gifts.  If you received a value gift this year from Santa, you may want to consider scheduling these new items on our home insurance policy and here is why.  


Your home insurance policy will have limited coverage for some valuable items. For example:  Most insurance policies have $1000 limited coverage for the theft of jewelry or furs.  By scheduling the item on your policy it will be covered for the full value of the item.


Second, your insurance policy may not provide coverage that you want, think you have, or that is important to you.  For example, did you know that most policies don’t cover a stone that falls out of your diamond ring, or when your antique statue that is accidentally broken, or a flooded basement that damages your personal computer?


Most people assume that under a standard policy, all items are covered for everything.  This unfortunately is not the case.  By scheduling your valuable items, you will get additional coverage such as mysterious disappearance, breakage and worldwide coverage.


Mysterious disappearance will cover your item if it is lost or stolen. The most common items people lose are their wedding rings.  For example, women will take their rings off when they shower and forget they put it on the sink or counter.  If you travel and stay in a hotel, you may never see that ring again.  


Breakage coverage will cover your item if it is accidentally broke, like dropping something of delicate or fragile nature.  Usually this happens when someone drops their laptop or accidentally knocks a vase off of a table.  


If you travel outside of the United States, then the worldwide coverage you receive from scheduling the item is very important.


Scheduling an item is easy and can be very inexpensive.  To add the item, you will have to notify your agent, give them a description of the item and depending on the value a current appraisal may be needed.  Appraisals cannot be older than 3 years old.  Photographs may also be required however it’s also wise to keep a photo for your records.  At this time, your agent should be able to tell you the premium cost for the item.  If needed, you can add a deductible to the item to lower the cost, but it is not required to have one.  


Keep in mind, scheduling items are not limited to jewelry.  You can schedule items such as firearms, cameras, china, crystals, furs, golfing equipment, personal computers, musical instruments, stamps, silverware, works of art or collector items such as coins, sport items, rare books, etc.


If you received an item this Holiday season that is of importance to you and may be valuable, contact your agent to make sure that you have the coverage you want.  




Matt Perry is an agent and partner at EW Smith Insurance Agency in Wyandotte, Mi. They are an independent agency offering home, auto, life and business insurance. EW Smith Agency is the the leading provider of personal lines property and casualty insurance in the state of Michigan for Auto-owners Insurance Company.  He can be reach at 734.284.4141 / mperry@ewsmith.com

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