Scheduled Personal Property
Scheduled personal property is coverage that lists (schedules) a specific high-value item by name, usually with its own appraised value and often no deductible. It exists because a standard home or renters policy caps how much it pays for certain categories of belongings.
Why would I need to schedule an item?
Most home and renters policies have special sub-limits on things like jewelry, watches, furs, silverware, fine art, and collections. A policy might cover all belongings up to a high overall limit, but only pay a few thousand dollars for jewelry lost to theft, no matter the item’s real value. Scheduling raises the coverage on that specific item to its full appraised amount and usually broadens the covered causes of loss.
How does scheduling change a claim?
Example: A home policy has a $2,500 sub-limit on jewelry theft. A homeowner owns a $30,000 engagement ring. If the ring is stolen and it was never scheduled, the payout stops at $2,500. If the ring was scheduled at its appraised $30,000, the policy pays up to that amount, often with no deductible. The same idea applies to inherited art, a watch collection, or antique silver.
What does it cost, and what do I need to schedule an item?
Scheduling typically requires a current appraisal or a receipt establishing the item’s value, and the added premium is usually a small percentage of the scheduled value per year. A coverage review can identify which items sit above a policy’s sub-limits and would benefit from scheduling.