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Articles
Scheduling
I've heard people talk about "Scheduling" items on their insurance, or having "floaters" or "endorsements". What does this mean?
Most policies cover what is considered to be in a standard home. They limit the amount of coverage they provide for things that are unique or specialized. The basis for this is that everyone should not have to pay extra to cover things they don't own to cover the few that do.
Items that are not covered fully on a standard package can be added on by “Scheduling it”. This means listing the items and paying an extra premium to ensure it is covered properly. There is usually an added benefit that a lower deductible applies to these items.
Examples of coverage that can be added on include:
- vacant property
- home-based business
- increased cost of rebuilding resulting from by-laws
- water damage
- wood stoves
- expensive jewelry and furs
- collectibles like coins, stamps, guns, etc.
- expensive bikes
- satellite dishes
- camera equipment, etc.
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