My wife made me do this one thing when I bought a new recumbent trike

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My wife made me do this one thing when I bought a new recumbent trike

It’s not the age it’s the mileage.

At least that is what my back is telling me these days

What does this have to do with buying a cool new tadpole style recumbent trike?

Well, I have always been a walker, but now this is not something I can do, and neither is riding a regular bike, so I have purchased a recumbent trike.Sounds funky, rides cool.

What does this have to do with insurance?

At the Jesberger house, all things seem to circle back to this topic.

After nearly fainting at the cost, Jan and I had a great discussion involving bikes and scheduling property.

What is scheduling?

Scheduled property is an “add on” or a rider to your homeowners or renters insurance to extend coverage beyond the standard protection in your policy. By scheduling your valuables on your policy, you can make sure that in the event of a loss you can replace your bike, or ring, or art, or camera, or stereo (maybe not your reel to reel tape player though).

Your standard homeowners policy, coverage divides into several categories that include:

  • The dwelling
  • Other structures, such as sheds (check your policy for limits).
  • Personal Property
  • Loss of property use
  • Personal Liability and guest medical coverage.

The personal property section on most policies includes clothing, furniture, appliances and other items. However, there are limits for theft coverage on some items.

Property like firearms, (that is a different story, if you have questions please contact us), and business property may have limits on the amount of coverage. As an example, you may have a limit of $1500 for theft of jewelry.

If you decide that you would like to schedule property that is subject to these limits, you need to be able to assign a value to this property, with a receipt, or an appraisal of the item before you can start this addition.

Benefits to scheduling

  • The proven value of the property being scheduled forms the basis of the scheduled personal property addendum. In the event of a loss, the covered value is paid without regard to wear and tear on the item.
  • Protection extends to many other causes of loss that might be excluded in the original policy, often including if the item is lost (usually used in the event of missing jewelry) or damaged, not just loss by theft or fire.
  • No deductible!In the event of loss of a scheduled item, you don’t need to pay a deductible.

The Bottom Line

I will be careful with this trike, but since I paid almost as much as I did for my first vehicle (a 1977 Datsun King Cab) and I want to be able to replace it without the guilt of buying another. And the best part? Jan was able to schedule it through our SAFECO policy for less than $30.

Do you have a valuable bike, ring, watch, camera or artwork? Would you want to be able to replace it without a deductible? Consider scheduling that property. As always, please reach out with questions. Jan and her team are happy to discuss your policy and guide you. Let’s start a conversation today. Call or text us at 208-762-2122 or email Jan at jan@janjinsurance.com.