What is Scheduled Personal Property?
Scheduled Personal Property is a feature in homeowners insurance that allows policyholders to insure individual high-value items separately from the general contents of their home. These items typically include jewelry, antiques, fine art, firearms, or other collectibles that exceed standard coverage limits under a typical policy.
By “scheduling” these items, policyholders can ensure they are fully protected against loss, damage, or theft. This often involves providing detailed appraisals and descriptions of the items, which are then listed or “scheduled” in the policy. For example, if someone owns an expensive diamond ring, they can schedule it under their insurance policy to ensure it is covered for its full value.
Scheduled personal property is particularly important for items with values that surpass the limits of standard personal property coverage, ensuring that the full worth of the item is compensated in case of a claim. It also often provides broader coverage, such as protection against accidental loss or damage, which might not be included in the standard homeowner’s policy.