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If your standard homeowners policy doesn’t fully insure items you own that have significant worth—like jewelry, artwork, antiques, or collectibles—you may find that specifically itemizing, or “scheduling,” that property can help fill the gaps in your coverage.
Scheduled personal property coverage is an optional add-on to a homeowners or renters insurance policy that provides extra protection for certain high-value belongings.
Do you have possessions that you think might be underinsured through your current insurance plan? Read on for a look at the benefits and costs of scheduling your valuables and how to determine if this extra step is necessary to safeguard your property.
Key Points
• Standard homeowners and renters insurance policies may not cover the full value of some personal belongings.
• Scheduled personal property coverage is an optional add-on to a homeowners or renters insurance policy that can provide further protection for valuable possessions.
• Scheduled personal property coverage provides full coverage for losses without considering standard policy limits or depreciation.
• Scheduling personal property may provide broader coverage for different types of losses than a standard policy offers.
What Does Standard Personal Property Coverage Include?
Standard personal property insurance covers most household belongings that are damaged, destroyed, or lost as a result of a covered peril (like a fire, theft, or vandalism).
Pretty much anything that isn’t a physical part of your home’s structure may be considered personal property. That means furniture, clothing, sporting goods, tools, electronics, etc.
But not all belongings are created equal under a standard homeowners or renters policy. Payouts are often capped by sub-limits that are applied to some higher-value items, including jewelry, instruments, computers, fur coats, or firearms. Which is why it’s important to understand what your homeowner’s insurance covers.
Let’s say, for example, that you have a diamond ring that’s valued at $10,000, but your policy’s sub-limit for jewelry is set at $1,500. If that ring is stolen, that’s all you can expect to receive when you file a claim—$1,500 minus your policy’s deductible. Not only would you lose an item you treasure, but you wouldn’t get a large enough payout to replace it with a similar ring.
Recommended: Does Renters Insurance Cover Stolen Items?
How Scheduled Personal Property Coverage Works
Scheduled personal property—also called a personal property endorsement or rider—is designed to provide the coverage you may need for high-value belongings.
When you schedule an item, you remove it from the overall personal property limit of your homeowners insurance policy and any sub-limit that may apply. Instead, that item will be covered at its full appraised value, without any reduction for depreciation.
If your home were to catch fire and a valuable piece of art or your stamp collection was lost, for instance, you’d receive the scheduled amount for that possession.
When you work with your insurer to schedule an item, you can expect to be asked for documentation that proves your ownership and that the item is worth what you say it is. You may also want to get regular appraisals to be sure your property stays insured for the proper amount.
Items Commonly Scheduled
High-value items that are often scheduled include:
• Jewelry and watches
• Art and antiques
• Coin and stamp collections
• Firearms
• Gold bars
• Musical instruments
• Electronics (computers, camera and video equipment)
• Medical equipment (wheelchairs, hearing aids, prosthetics)
• Gym or sports equipment
Scheduled vs. Unscheduled Personal Property
Of course, not every personal belonging you value is valuable. Adding this coverage will affect how much your homeowners insurance costs, so it’s important to be thoughtful about what you plan to itemize.
You may want to start by reviewing your current homeowners or renters policy to understand your coverage limits and sub-limits.
• Unscheduled items fall under a standard policy’s personal coverage limit, sub-limits, and deductibles—and you can expect the insurer to pay only for the actual cash value of the item after depreciation.
• Scheduled items are itemized and insured for their full value. They aren’t subject to the policy’s overall limit or sub-limits, and you may have the option to choose a low deductible or no deductible. Also, this coverage typically pays to replace the item without reducing the amount for depreciation.
With this information in mind, you can create a list of high-value items you might want to schedule. If you aren’t sure, you can always contact your insurance company and/or an appraiser to discuss specific items on your list.
Recommended: How Much Is Renters Insurance?
Benefits of Scheduling Your Valuables
Besides paying the full appraised amount for an item when your insurance claim is approved, scheduling your valuables may have other benefits, including:
• Broader coverage: Scheduled personal property may be protected from a wider range of risks, including if you lose the listed item or accidentally break it.
• Low or no deductible: You may be able to set a separate deductible amount for a scheduled item—which is an option that may not be available for coverage under your standard policy.
How to Add a Scheduled Personal Property Endorsement
When you’ve identified the high-value items you want to schedule on your policy, you can reach out to your insurance company to discuss costs and next steps. You also may want to do some online shopping for homeowners insurance to compare the costs and benefits other companies are offering.
The insurer you choose can provide the necessary forms for a scheduled personal property endorsement and answer any questions you might have. Be prepared to provide details about your item or items, including the appraised value, bill of sale, photos, etc.
Once everything is agreed upon and finalized, your insurer will issue an updated policy that includes the endorsement. You can review it to ensure all the details are correct, then file it in a safe place along with any updated appraisals or relevant correspondence with your insurer.
The Takeaway
While standard homeowners or renters insurance can be used to cover high-value belongings, there are generally limits on the amount a policy will pay if you make a claim.
Adding scheduled personal property coverage to your policy can ensure that your most valuable items have an extra layer of protection—and your insurance company can help you customize that protection to fit your needs.
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FAQ
What items are typically eligible for scheduled personal property coverage?
High-value items like jewelry, art, collections, and antiques are usually eligible for scheduled personal property coverage.
Does scheduled personal property coverage have a deductible?
You will likely have the option to choose a low deductible or no deductible when you sign up for scheduled personal property coverage.
How much does it cost to add a scheduled personal property endorsement?
Adding a scheduled personal property endorsement typically costs between 0.5% and 3% of the item’s appraised value annually, but rates can vary by insurer, your location, and the specific item that you choose to schedule. Some insurers may offer a discount if you schedule multiple items.
Do I need an appraisal to schedule an item on my policy?
You can expect your insurer to require some documentation of your item’s worth, including an appraisal and/or a bill of sale.
Is scheduled personal property coverage available on renters insurance?
Yes, scheduled personal property coverage is an optional add-on that’s available for homeowners and renters insurance policies.
Photo credit: iStock/narith_2527
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