The Lewis & Clark Chapter suggests the following questions concerning personal property coverage be discussed with your insurance agent.

Will my home owners/renters insurance cover my personal property?

Most home owners/renters policies will have some provision that covers personal property.

How does the insurance company determine the value of my personal property?

Most personal property in the home is covered under a named perils basis for actual cash value or replacement value depending on your policy.

What are perils?

A peril is a risk of a specific cause such as flood, fire theft, water damage and so on. If the personal property is lost or damaged from something other than a named peril in the policy, then the item is probably not covered.

If my loss is caused by an earthquake and it is not a named peril in my policy, then my loss would not be covered?

That assumption would be correct.

What is the difference between actual cash value and replacement value?

Actual cash value is how much  it would cost to replace the item with the same kind and quality item, in other words the cost to replace it with a used item. In replacement value the item will be the amount required to replace the item with a new one.

I lose my house due to fire and all my personal property is lost, how will my insurance company reimburse me for the loss?

In many cases you will be required to replace the items out of pocket and the insurance company reimburses you when the receipts are presented to the company.

Is my fine art, jewelry and collectible automobile covered under a standard policy?

Usually there are some exclusions of certain types of personal property in your policy. Those exclusions may include those items.

How can I get my most expensive items covered?

Scheduled items can usually be covered on an open perils basis.

What is meant by scheduled?

This usually means the items are identified and listed separately in the home owners insurance policy or in another paper called a rider,  stating a replacement value for each item.

Is scheduled property covered in all cases?

Usually when property is scheduled it will be covered on an open perils basis, meaning how the items were lost doesn't matter.  However, you should definitely discuss this with your insurance agent.

What is required of me to get my personal property scheduled?

Generally you must establish the existence of the items, guarantee ownership and establish a value. Many insurance companies require a third party appraisal of expensive items be included with the insurance policy.

Will all this be discussed and reviewed by my insurance agent?

An agent generally doesn't know the contents of your home, therefore the real responsibility is on you as a home owner/renter, be proactive and discuss these questions with your insurance agent.