As the school year begins, take note of the items your child brings home. For example, many school districts are assigning laptop computers to students for their personal use.
Or, your band or orchestra student may be assigned a school-owned instrument, especially if it’s a larger or more costly one.
It’s a good idea to make sure those items loaned to your child throughout the school year are covered by insurance in the event of a loss.
First call the school so that you understand your responsibility for any loss to the loaned electronic device or instrument. Then be sure to call your insurance agent to verify what coverages are already in place on your homeowner policy for loss to loaned items.
Many homeowner policies provide limited coverage for certain items, and they are almost always subject to the homeowner deductible. If you worry that a larger homeowner deductible may create a financial hardship for your family, you may want to explore the possibility of “scheduling” a laptop or instrument on your personal articles policy (sometimes referred to as a floater or inland marine coverage.)
By “scheduling” or specifically insuring certain items of personal property for a specific amount of coverage, those items are not subject to your homeowner deductible, pending coverage availability.
Keep in mind that you can specifically insure an array of household items on a personal articles policy for more coverage than may be included under your homeowner/condo/tenant policy, for example:
- Jewelry, watches, furs and mounted precious stones
- Silverware, goldware, pewterware and coin collections
- Golf equipment, bicycles
- Antiques, stamp collections
- Personal computers
- Musical instruments
Other special valuables may also qualify. And remember that your personal articles policy may also be eligible for a package credit if your homeowner, auto or umbrella policies are with the same company.
Coverages described here are in the most general terms and are subject to actual policy conditions and exclusions. For actual coverage wording, conditions and exclusions, refer to the policy or contact your independent agent.