Before a thief steals your possessions or a piece of jewelry becomes lost, call R.C. Keller & Company at 847-907-4520 to learn more about the affordable ways we can help protect the finer things in life and what you value most.
Basics
Your standard homeowners, condominium or renter’s insurance policy include a limited amount of coverage for jewelry and other valuable items. Most policies limit the dollar amount of coverage for the theft or loss due to a covered peril of such items. To protect these valuables properly, additional coverage is available through a policy endorsement or a policy floater.
Policy Endorsements
An endorsement is an addition to your homeowners, condominium or renter’s policy that change or add to the policy’s provisions. The endorsements can cover property otherwise excluded from your basic homeowners’ insurance policy, extend the number of perils included or increase the amount paid for a covered loss. The items of value (jewelry, fine arts, furs) are “scheduled” on a list that includes a brief description and the item’s dollar value.
To determine an item’s value, an appraisal or sales receipt is required. This will help ensure that, in the event of a covered loss, the amount of insurance is enough to cover the repair, replacement or cash payment of the item. Items that are scheduled on your policy are typically not subject to your deductible.
Policy Floater
A floater is separate policy for your scheduled items that is subject to special limits under basic homeowner’s coverage.
The Cost of Coverage
The cost of coverage of course varies on the item, but the fee is nominal. Once you have an endorsement or floater, it is important that you periodically review your policy’s coverage limits to minimize the likelihood of being underinsured due to an outdated appraisal and inadequate limits of insurance.
Our personal lines team of professionals can provide you with more information about the coverage and give you an estimate for the cost of scheduling an item.
R.C. Keller & Company has been protecting the Schaumburg residents since 1910. We are a full-service Trusted Choice Insurance Agency. We offer a full array of personal insurance, business insurance and life insurance products. Give one of our professionals a call today at 847-907-4520.