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Scheduled Personal Property
Did you know that, under your condo policy, the protection extended to your personal property has limits?
Optimal Coverage for Your Valuables
Scheduled Personal Property (SPP) is a smart way to help protect your valuable personal property. It typically offers you a higher level of protection that can be added to your Burnette Insurance Services insurance policy. SPP provides coverage for loss or damage to certain categories of personal and business personal property items—such as jewelry, silverware or camera equipment—whose value or risk potential exceeds the personal property coverage available under your policy or under other Optional Coverages.
Deciding whether you should schedule your personal property or extend protection through Optional Coverage is just a matter of asking the right questions. Read through what you should consider below…and then contact us so we can discuss what coverages will help address your insurance needs.
A Handy Owner’s Guide
If you own personal property with exceptional value—such as an elaborate piece of jewelry or art—you’ll want to make sure you cover it with SPP Coverage. Here are some of the questions you’ll want to ask:
- Do you have special property that you want to make sure has special insurance protection, like your hunting equipment or a rare coin collection or even your favorite hand and portable power tools? You might consider adding special coverage for these types of items.
- Are your valuables worth more than the limits set by your condominium policy? For example, most policies have a personal property limit of $1,000 for jewelry, watches and furs. If the value of your jewelry, watches or furs exceeds this limit, you should look into Optional Coverages or consider scheduling your valuables with SPP.
- Are your valuables worth more than the per-item limit or the total limit associated with an optional coverage? Do you want to make sure that your valuables are insured for their actual cash value*? If so, you should consider protecting them with SPP.1
*A deduction for depreciation may apply.
Return on Investment: SPP Discounts
You’ll find that SPP rates are only a small percentage of the total value of the property you’re insuring. And, Burnette Insurance Services offers other money-saving discounts to make SPP Coverage a smart choice for protecting your valuables. Read more on these savings, and contact us to discuss your personal insurance needs.
Discounts are subject to availability and qualifications. Find out more below and contact me to see how much you could save.
| You may qualify for... |
You may be eligible if... |
You could save... |
| Protective Device Discount |
…you’ve installed protective devices such as smoke detectors, fire extinguishers, deadbolt locks on all exterior doors and central burglar alarms |
Up to 15% |
| Vault Discount |
…you keep scheduled stamp and coin collections in a bank, trust or safe deposit company vault. |
Up to 10% |
| Jewelry Gem Print Discount |
...you provide a gem print for your jewelry item when you schedule it for SPP Coverage. |
Up to 10% |
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1 Scheduled Personal Property is covered on an actual cash value basis. A deduction for depreciation may apply. Please note that other restrictions may apply. Payment will not exceed the amount necessary to repair or replace the damaged item(s) with property of like kind or quality, or the amount of insurance, whichever is less. Please contact me for more information about Scheduled Personal Property Coverage.
2 When the Scheduled Personal Property item is removed from the vault, the insured must notify Burnette Insurance Services in advance or the SPP Endorsement ceases to cover the item. The insured must also pay the additional premium for the time the item is not vaulted.
Scheduled Personal Property Coverage is subject to the terms and conditions of the policy. This is a brief coverage description; this is not a contract. Please read an Burnette Insurance Services policy for full coverage details. The availability, qualifications and amounts of these discounts may vary. In addition, terms, conditions and exclusions not described above may apply, and total savings may vary depending on the coverages purchased. For more information regarding your eligibility for these savings opportunities, please contact me.
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