If you were transferred overseas and could only fit one suitcase, what would you be sure to bring?
Chances are, some of your most prized possessions enter your mind: your interaction ring, that Nikon video camera, and that watch you got for university graduation.
Which items are protected, and which are not? What’s so ‘extra’ about it? And how do you enter it?
We are here to answer all these questions for you. But first, we want to clear up some insurance terminology that may be confusing.
Let’s poke the term. You’ve probably heard the expression ‘schedule individual properties’ before. That’s a complex call for something quite simple: including the essential items for your insurance coverage.
So if you prefer to ‘schedule’ your jewelry, that means you prefer to include Extra Coverage for it, so that it can be changed or repaired at full value in point situations like robbery, stoppage, or physical damage (like if your ring is scratched). .
You may also have heard of ‘attestation’. Again, this is just an elegant way of explaining add-on plans. So, ‘schedule the authorization of individual properties’ means to include more scope for your items. Think of it as a contract between you and your insurance provider regarding coverage for your unique points.
Extra Coverage is Lemonade’s call for “scheduled individual properties”—it just rolls the tongue a little easier. Let’s face it: Some of your most prized possessions require extra attention.
Keep in mind that this accidental loss and accidental physical damage is not covered under your basic plan (also known as, they are not ‘insured harm’). So if your expensive ring drops after your friend suggested it at Time Settle, your basic HO3 (homeowner) or HO4 (renters insurance) won’t cover you, because it wasn’t intentional. That’s why Extra Coverage is really useful.
But suppose the ring you obtained was taken in Times Settle after the proposition (because robbery is a ‘closed danger’)? Well, your basic plan will definitely only cover it up to $1,500 (in insurance talk, we call that amount a ‘sublimit’). In this situation, Extra Coverage will also help you redeem more ring value.
However, a couple of points to keep in mind. You can include multiple items from each category—for example, 2 bikes, 3 displays, a violin, and a bass guitar—but the sky is not the limit. If you have enough instruments for a band, or an entire Tiffany collection in your jewelry box, your Extra Coverage can’t always guarantee everything.
Among the most frequently scheduled items of individual property are… you think: engagement rings and wedding rings.
If you buy your fiancé an engagement ring, the jewelry is currently covered under your basic plan against theft, criminal damage, termination, and various other so-called dangers, whether you are at home or on a trip.
But keep in mind that with the basic plan, theft only includes a sublimit of $1,500.
Many pieces of jewelery cost much more than $1,500. In purchases to cover the full value of your item, over and over $1,500—and receiving coverage for accidental damage and accidental loss, as well as a piece-free claim on your jewelry—you must include Extra Coverage.
Something else to think about: If your friend remains in jewelry items, eg. it is they who wear the interaction ring, after which they must be included for your insurance coverage as an ‘additional insured’.
Why? Because if he removes the interaction ring while in their belongings, it will only be protected if his name is on your package. Remember that in purchasing to include your companion for your package, they will have to deal with you at the address listed on your package.
On a related note, your current Lemonade base plan covers your art versus theft, criminal damage, termination, and a variety of other so-called perils, in and away from your home, to a depreciating value at the time of loss.
But if you want to cover the full value of your item, and receive coverage for accidental damage and accidental loss and a deduction-free claim on your artwork, you’ll want to include additional coverage… here’s a look at how to protect paint, sculpture , and various other masterpieces!
These assets are practically covered by your basic Individual Property Coverage policy, so as long as you set your individual property coverage amount accordingly (based on how valuable your items are), you may now be fully covered for these categories. (Keep in mind that if you use your video camera, bicycle, or guitar professionally—that is, to generate any kind of income—then sublimits will definitely be used.)
Alright, so… if the current basic plan includes the expensive Nikon or the elegant Bianchi, why bother with Extra Coverage?
Well, Extra Coverage for your bike and video camera is sure to protect you from additional harm—including accidental damage and accidental loss. You will also have the ability to make deductible free claims.
One thing to keep in mind for e-bike riders. Certain types of e-bikes may be covered under your tenant’s or landlord’s plan! Your e-bike qualifies if it is pedal-assist, meaning the legs have to pedal the bike, which is only assisted by your electric motor. Interested in knowing if your e-bike can be protected? Check that.
If you’re thinking ‘Wait, I have some expensive items that don’t fit into any of the categories above…’ Don’t worry: These items may be covered against common hazards under your basic insurance coverage, including furniture, individual electronic devices, and clothes.
Currently, your basic tenant or landlord plan protects your electronic devices and equipment from certain “dangers,” but not against every type of damage.
As for the circumstances, if your washing machine experiences a power failure, your plans won’t help. However, if you want to add extra securities, you can buy Equipment Break down Coverage (EBC). Also known as Home Appliance Cover, this is a recommendation to supplement and upgrade your renter’s insurance and provide coverage for a variety of other types of damage.
If you want to find out more about your basic insurance coverage, see our overview of top tenants insurance or homeowners insurance.
Sometimes, certain types of individual property are not approved for Extra Cover.
Under certain circumstances, phones, drones, sunglasses, and certain types of expensive electronic devices are not eligible for Extra Coverage.
What about musical instruments? Well, it depends on what equipment we are discussing. If you get guitar protection with Extra Coverage, the amp you use to store the guitar is also eligible for self-coverage (you can’t cover the amp without covering the guitar as well). But certain points do not qualify for Extra Coverage, such as tape equipment, earphones, microphones or audio speakers.
In the case of video cameras, only the body and lens qualify for Extra Coverage—not tripods, video camera cases, lighting kits, or any other piece of equipment.
One final point: Only your individual items are protected under Extra Coverage. You cannot schedule individual property coverage for the points you use for your business.
So, let’s say you do some professional digital photography as a side job, shooting weddings. While your basic plan can cover your video camera up to a certain amount for ‘mentioned hazards’, you cannot get Extra Coverage on your video camera in this situation. If you need to protect your professional video camera for accidental damage and mystical loss, you will want to get into business insurance through another provider.
Now, back to the great stuff. Among the greatest benefits of Extra Coverage is that it covers your basic tenant or homeowner’s insurance coverage not: Accidental damage or loss!
So if you accidentally drop your wedding ring in the trash while doing the dishes, or forget your treasured video camera at Starbucks, your Extra Coverage has your back.