Beyond the Basics Additional Insurance Coverages
Imagine a devastating house fire or an unexpected burglary. In addition to the heartache and inconvenience of losing your belongings, it will sting even harder if your expensive, treasured items are taken or destroyed. That’s where Alfa’sī¸ added coverages come into play.
What does my personal property insurance already cover?
One of the coverages included with your homeowners policy is personal property. Personal property would include the belongings in your home that can be easily moved like jewelry, guns, electronics, etc. These items are often covered whether they are inside or outside of your home, so don’t worry if something happens to your items when you are traveling. Your personal property coverage will pay to replace or repair damaged items up to your policy limits.Example: Say you have a valuable collection of sports cards that are worth a lot of money. If something were to happen and some of your cards were stolen or ruined, your collection would be covered, but only up to a certain dollar amount. It is not guaranteed that the whole collection will be fully covered.
What if I want more coverage?
Your homeowners policy includes special limits on coverage for your personal items. Fortunately, there is an extension to the standard personal property coverage called Scheduled Personal Property coverage, which provides additional protection to your items and increases your limits.
Example: Your sports card collection’s value is higher than what your standard personal property covers. It would be a good idea to list your card collection as Scheduled Personal Property, so if any accidental loss occurs, the collection will have a higher coverage.
Items you might consider listing as Scheduled Personal Property:
- Jewelry
- Cameras
- Laptops/computers
- Musical instruments
- Furs
- Golf clubs
- Sports equipment
- Hunting gear
- Bicycles
- Fine arts
- Collector’s items
- Guns
- Silverware
What to know about Scheduled Personal Property coverage
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Each item must be individually listed with the amount of insurance for each item.
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A detailed Bill of Sale or appraisal from a certified appraiser will be needed for each scheduled item.
- A practical way to decide if an item needs coverage is if it costs over $1,000.
Your next step to more coverage: Personal Articles Policy
So, you’ve read about Scheduled Personal Property coverage and its limits, but you still need more coverage. We’ve got your back.
A Personal Articles Policy, or PAP, is a type of coverage on a stand-alone policy that provides additional coverage for your personal property. A PAP covers the same items that you might have on your Scheduled Personal Property coverage. You must have a homeowners or renter’s policy with Alfa to be eligible for a Personal Articles Policy.
Example: Your high-dollar sports card collection is stolen. Even though the collection’s sentimental value can’t fully be replaced, you will receive financial protection from your Personal Articles Policy to replace the cards up to their full value.
What’s the difference between the two coverages?
Struggling to decide which coverage you need? Both options cover your valuable property, just up to different limits. A smart first step would be to contact your insurance agent to discuss how much coverage you need.
Scheduled Personal Property coverage is merely a subcategory of item(s) added to your homeowners policy. It’s just a change made to your existing policy. By adding this to your policy, you receive additional coverage for your personal items.
A Personal Articles Policy is a new legal contract separate from your existing homeowners policy. A Personal Articles Policy will have an annual premium since it is a new policy.
It's a good idea to do an inventory check of your personal property and keep an updated list of appraisals, bills of sale, and serial numbers. If you’re ready to take the next step in protecting your items, contact your local Alfa® agent to see if Scheduled Personal Property coverage or a separate Personal Articles Policy is right for you.
*This is not an insurance policy. It is intended only to provide a general description of Alfa Insurance® and/or its product lines and services. An actual policy contains the specific details of the deductibles, coverages, conditions and exclusions. Your Alfa® agent can explain the policy and benefits and answer any questions you may have before you buy.