The main benefit of scheduling valuable items on your homeowners, condo or renter’s policy is that the coverage protects against any type of loss — fire, theft, even including mysterious disappearance. If your diamond stone falls out of your ring, or a gold necklace is lost at the beach, insurance will cover the scheduled property. There is no deductible for scheduled personal property.

The appraisal is an important condition of coverage. The insurance company can be assured you still retain the item when it is appraised, and the coverage can be updated to reflect the current value. Appraisals are a very important element of the insurance process for valuables. Please don’t neglect the opportunity to have your items appraised. You may be pleasantly surprised about the increase in value, and you can feel reassured that any loss will be fully covered.

Most jewelers will appraisal items without charge. This is a service they enjoy and they appreciate you for placing your trust in them. Of course, you should always work with a jeweler that has a strong reputation in the community and one you may have worked with in the past. They are happy to review your precious keepsakes, and like to build their relationship with you. You shouldn’t feel pressured to buy anything, either.

Should you wish to have other types of valuables appraised, get referrals to appraisers from specialized retailers, art studios, coin dealers, baseball card shops. Approach professionals that trade the types of valuables  that you have. Sometimes appraisers are available at trade shows where appraisals can be done for a small fee. Exceptional items can even be appraised at auction houses, like Sotheby’s or Christie’s.

At The Haas Agency, we seek opportunities to review our clients policies every year, especially if scheduled personal property coverages apply to their valuables. Please contact us anytime with any questions you may have and feel free to call to schedule an appointment to review your policy annually.

Without warning, a small fire breaks out in the kitchen and 75% of their belongings are damaged by smoke and fire. The replacement cost for everything is $45,000. Because the fire occurred in their rented apartment, will the landlord’s property insurance policy pay for the damage?

No, it won’t.

When we receive a question like this from a frantic family, it’s usually too late. A new policy won’t cover events that occurred in the past. But you are warned and can set a responsible plan for your future.

When you renting, you need an inexpensive renter’s insurance policy to cover against fire, theft, lightning and other damages. Depending on the coverage limits, costs usually range from $75 to $350 per year. A policy with $45,000 coverage may cost around $300, and the excellent protection is well-worth the expense.

One final word. . . The renter’s policy also covers you for damages that you might cause to others, like if a washing machine or bathtub were to overflow and damage the building property and your neighbors belongings.

The more I think about it, the better it sounds. If your renting an apartment, condo or home, don’t put off getting yourself a renter’s policy. Act now.