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Should you scheduled personal property coverage?
Scheduled personal property—also called an endorsement, floater or rider—is an optional coverage to your homeowners insurance policy (or a renters or condo policy) that provides more coverage for high-value items.
This is an optional coverage you can add to your homeowners policy. It might be a baseball card collection, camera equipment or fine art. If it matters to you, it matters to us. Make sure your treasures are covered at its full value. Although personal property protection helps cover many of your belongings, most insurance companies set limits on certain items. If you were to reach that limit, scheduled personal property coverage helps make sure you have enough protection.
When you schedule an item, you'll schedule it for its full value.
Personal Property Coverage helps cover the cost of replacing belongings in your home, like furniture and electronics. This type of coverage is included in your Allstate home insurance policy and can help you in one of two ways:
- Actual cash value
Covers the cost of replacing your belongings, considering the amount they’ve depreciated in value over time
- Replacement cost coverage
Covers the cost of purchasing new belongings of the same kind and quality at the time of the claim
Market value vs. replacement cost
The amount a buyer would pay for a home, including the land, regardless of how much it would cost to rebuild the home.
What is replacement cost?Replacement cost is the cost necessary to repair or replace your entire home. It is not any of the following:
- Market value of the home
- The home's or land’s initial purchase price
- Outstanding amount of any mortgage loan
Getting a home value estimate
Before you purchase a new home, determine the appropriate amount of coverage needed.
- Ask if a replacement cost estimate is available when you have the home value appraised.
- Consult with your local builder association or a reputable builder for an estimate.
- Check with Knew State Insurance to help you with this process.
- Upgraded bathrooms or kitchens (including cabinets)
- Age and condition of the home
- Home Location
- Finished or partially finished basement
- Additional rooms or living space
- Custom molding or arched windows
- Other unique features