Whether you’d like to cover your wedding ring, your stamp collection or a work of art, your standard home insurance may not provide enough protection for your needs. Specific insurance is available to ensure you get all the coverage you need for your most valued belongings.
When choosing specific insurance, you name the item(s) you want to insure. Another name for this type of insurance is Scheduled personal property.
What you can insure as a scheduled personal article:
Depending on the type of policy you have, you could have specified perils coverage, which means only certain types of risk are covered. Even if you have this type of policy, adding specific insurance will provide all-perils protection to the items you include in your specific insurance.
Depending on the items you want covered by specific insurance, you may not be required to pay a deductible, or the deductible could be smaller than the one you’ve chosen for your standard home insurance. For instance, your tenant’s insurance could have a $1,000 deductible, but no deductible for the musical instrument covered by specific insurance.