Many Homeowners, Condo or Renters Insurance policies include a limited amount of coverage for jewelry and other valuable items. However, many policies limit the dollar amount of coverage for the theft, or loss, due to a covered peril of such items. To properly insure your expensive items, you can add a policy endorsement or floater to provide sufficient coverage.
Insurance Policy Endorsements
Endorsements are additions to your Homeowners, Condominium or Renters Insurance policy, which change or add to the policy’s provisions. The items of value are “scheduled” on a list that includes a brief description and the item’s dollar value.
An appraisal or sales receipt is usually necessary to prove the value of scheduled items. That way, if the item is lost, stolen or damaged, the amount of insurance will be sufficient to cover the repair or replacement.
- Cover property excluded from a basic Homeowners Insurance
- Extend the number of perils insured against
- Increase the amount paid for a covered loss.
Items scheduled are typically not subject to the policy deductible.
“Floater” policies may be used to add valuables that are subject to special limits under your basic homeowners insurance.
If you have an endorsement or floater, you should review your policy’s coverage limits at least once a year. That will to minimize the risk of not having enough insurance because of outdated appraisals and inadequate limits.
If you have questions, contact ERM Insurance Brokers in Irvine, California at (949) 222-0444. We are here to help.