MY HOMEOWNERS POLICY CONTAINS COVERAGE FOR SPECIFIC (SCHEDULED) ITEMS. WHAT HAPPENS AT THE TIME OF A LOSS?
In most cases, insurance companies have the option to replace the item, if possible, through their vendor of choice. They do this because they generally can replace your item at less cost because of their ongoing business relationship with a specific vendor. Should you decide not to replace the item, your insurer may pay you only the amount that they would have spent to replace the item through their vendor. Fine art items are generally covered for the scheduled amount in the policy.
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- MY HOMEOWNERS POLICY CONTAINS COVERAGE FOR SPECIFIC (SCHEDULED) ITEMS. WHAT HAPPENS AT THE TIME OF A LOSS?
- My homeowners policy contains coverage for scheduled items. What happens if there is a claim?
