What You Need To Know About Extra Coverage

If you moved overseas and could only pack one suitcase, what would you bring with you?

Chances are, some of your most valuable items come to mind: your engagement ring, that Nikon camera, and the watch you got for college graduation.

We know how important these things are to you, which is why your renters or homeowners insurance policy provides special coverage for them. At Lemonade, we call it Extra Coverage (or ‘scheduled personal property endorsement,’ in insurance-speak.)

Which items are covered, and which aren’t? What’s so ‘extra’ about it? And how do you add it on, anyway?

We’re here to answer all of these questions for you. But first, we want to clear up some potentially confusing insurance lingo.

What does ‘scheduling personal property’ mean?

Let’s cut through the jargon. You may have heard the phrase ‘scheduling personal property’ before. That’s a complex term for something pretty simple: adding a valuable item to your insurance policy.

So if you’d like to ‘schedule’ your jewelry, that means you’d like to add Extra Coverage for it, so it can be replaced or repaired at full value in case of things like theft, fire, or physical damage (like if your ring gets scratched).

You also may have heard of an ‘endorsement.’ Again, this is just a fancy way of describing a policy add-on. So, ‘scheduling personal property endorsement’ means adding more coverage for your valuables. Think of it as an agreement between you and your insurer regarding protection for your special things.

So, what’s Extra Coverage?

Extra Coverage is Lemonade’s term for “scheduled personal property”—it just rolls off the tongue a bit easier. Let’s face it: Some of your most prized possessions need a little extra TLC.

What are the perks of Extra Coverage? 

• Coverage against accidental loss (aka, mysterious disappearance)
• Coverage against any accidental physical damage
• $0 deductible on claims for any scheduled property

Sounds pretty nice, right?

Just take note that these accidental loss and accidental physical damage are not covered under your base policy (aka, they’re not ‘covered perils’). So if your expensive ring falls off after your partner proposes in Time Square, your basic HO3 (homeowners) or HO4 (renters insurance) wouldn’t cover you, since it was accidental. That’s why Extra Coverage can really come in handy.

But what if your ring got stolen in Times Square after the proposal (since theft is a ‘covered peril’)? Well, your base policy would only cover it up to $1,500 (in insurance speak, we call that amount ‘the sublimit’). In this scenario, Extra Coverage would also help you be compensated for more of the ring’s value.

Which items are covered under Extra Coverage?

Generally speaking, Extra Coverage is offered for:

• Jewelry
• Bicycles
• Cameras
• Fine art
• Musical instruments

A couple of things to keep in mind, though. You can cover multiple items from each category—say, two bikes, three watches, a violin and a bass guitar—but the sky isn’t the limit. If you have enough musical instruments for an orchestra, or an entire Tiffany’s collection in your jewelry box, your Extra Coverage can’t necessarily insure all of ‘em.

Let’s talk about jewelry

One of the most commonly scheduled personal property items is… you guessed it: engagement rings and wedding bands.

If you bought your fiancée an engagement ring, that jewelry is already covered under your base policy against theft, vandalism, fire, and other named perils, whether you’re in your home or on-the-go.

But note that with a base policy theft is only covered up to the $1,500 sublimit.

Plenty of jewelry costs significantly more than $1,500. In order to cover the full value of your item, above and beyond $1,500—and receive coverage for accidental damage and accidental loss, as well as deductible-free claims on your jewelry—you’ll want to add Extra Coverage.

Another thing to consider: If your partner is in possession of the jewelry item, e.g. they’re the one wearing the engagement ring, then they must be added to your insurance policy as an ‘additional insured’.

Why? Because if he or she loses the engagement ring while in their possession, it’ll only be covered if their name is listed on your policy. Note that in order to add your partner to your policy, they must be living with you at the address listed on your policy.

A few points when it comes to fine art

On a related note, your Lemonade base policy already covers your fine art against theft, vandalism, fire, and other named perils, in and away from your home, up to the depreciated 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 as well as deductible-free claims on your art, you will want to add extra coverage… here’s an explainer that looks at how to protect your paintings, sculptures, and other masterpieces!

Some notes on bikes, cameras, and musical instruments…

Unlike with jewelry and fine art, a Lemonade base policy already covers your camera equipment, instruments, and bicycles against theft, vandalism, fire, and more, in and away from the home. 

These belongings technically fall under your base policy’s Personal Property Coverage, so as long as you set your personal property coverage amount accordingly (based on how valuable your stuff is) you may already be fully covered for these categories. (Keep in mind that if you use your camera, bike, or guitar professionally—meaning, to generate any income whatsoever—then sublimits would apply.)

Okay, so… if a base policy already covers that expensive Nikon or fancy Bianchi, why would you bother with Extra Coverage?

Well, Extra Coverage for your bike and camera would cover you against additional perils—including accidental damage and accidental loss. You’ll also be able to make deductible-free claims.

One quick note for e-bike riders. Certain types of e-bikes can be covered under your renters or homeowners policy! Your e-bike is eligible if it’s pedal-assist, meaning that your legs are needed to pedal the bike, and that the motor only helps you along. Interested in learning if your particular e-bike can be covered? Check it out.

What about other valuables that aren’t jewelry, art, and so on?

If you’re thinking ‘Wait, I have a few expensive items that don’t fit into any of those categories above…’ Don’t stress: These items are probably covered against common perils under your base insurance policy, including furniture, personal electronics, and clothing.

Now, your basic renters or homeowners policy protects your electronics and appliances against certain “perils,” but not against every type of damage.

For instance, if your washing machine has an electrical failure, your policy wouldn’t help. But if you want to add on those extra protections, you can purchase Equipment Breakdown Coverage (EBC). Also known as Appliance Coverage, this is an endorsement to complement and enhance your renters insurance and provide coverage for many other types of damage.

If you’d like to learn more about what your base insurance policy covers, check out our ultimate renters insurance or homeowners insurance coverage guides.

Which items aren’t covered under Extra Coverage?

Sometimes, certain types of personal property don’t qualify for Extra Coverage.

For instance, phones, drones, sunglasses, and certain types of expensive electronics aren’t eligible for Extra Coverage.

What about musical instruments? Well, it depends on what type of gear we’re talking about. If you’ve got your guitar covered with Extra Coverage, the amp you use with that guitar is also eligible for its own coverage (you just can’t cover the amp without also covering the guitar). But certain things are simply not eligible for Extra Coverage, like recording equipment, headphones, microphones, or speakers.

When it comes to cameras, only the body and lenses are eligible for Extra Coverage—not tripods, camera bags, lighting equipment, or other gear.

One last thing: Only your personal items are covered under Extra Coverage. You can’t schedule personal property coverage for things that you use for your business.

So let’s say you do some professional photography as a side gig, photographing weddings. While your base policy can cover your camera up to a certain amount for ‘named perils,’ you can’t get Extra Coverage on your camera in this instance. If you need to cover your professional camera for accidental damage and mysterious disappearance, you’ll want to look into business insurance through another carrier.

What types of loss/damages are covered under Extra Coverage?

Now, back to the good stuff. One of the biggest perks of Extra Coverage is that it covers situations your base renters or homeowners insurance policy doesn’t: Accidental damage or loss!

So if you accidentally drop your wedding ring down the disposal while doing the dishes, or forget your valuable camera at Starbucks, your Extra Coverage will have your back.

Best part? You won’t have to pay a deductible for anything scheduled as a personal property endorsement (aka, Extra Coverage). So if your camera is worth $2,000, Lemonade will pay you the full replacement cost, deductible-free!

How do I get Extra Coverage?

Adding Extra Coverage to your Lemonade policy is simple. Just follow these steps:

1. When you’re getting your Lemonade policy, tap ‘Activate Extra Coverage.’ Or, if you already have a policy, head to Lemonade’s app and tap the Extra Coverage button under ‘Add-Ons.’

2. Maya will send you an email. Open it, and click ‘Add Extra Coverage.’

3. Go through the flow with our helpful chatbot, during which you’ll be asked to send along:

– A picture of the item you’re adding coverage for
– A picture of its receipt, or an appraisal that was issued in the last 5 years
– A picture of your item placed on top of the receipt or appraisal (if you’re insuring jewelry)

4. Our Underwriting team will get back to you, and they’ll let you know the status of your request via email. BTW, you can always add on more items later.

If you answer ‘Yes’ when Maya asks if you have any valuable items, and select which items you’d like to insure under Extra Coverage in the Lemonade App, and provide a guesstimate of the total value of the items you’d like to cover (refer to step 1), Lemonade will automatically grant you temporary Extra Coverage.

This will give you time to send over the necessary info, and for our Underwriting team to review it. This temporary Extra Coverage will last for 14 days, so try to submit your info by then. If you can’t get to it, you can still add on the Extra Coverage yourself after it expires.

Have more questions about Extra Coverage? Open up your Lemonade app, and ask Maya. Or, shoot an email over to [email protected], and our CX team will get back to you as soon as possible.