Why you should consider scheduling valuable items
Scheduled personal property is also referred to as a floater, rider, or endorsement coverage that be added to your renters, or homeowners policy. Some Insurance companies do it as a separate policy. No matter what terminology is used or way it is written it provides more coverage for high-value items.
When you schedule an item, you’ll schedule it for its full value. For example, you have a ring valued at $10,000 but the insurance company believes it is $6,000...this is a way to make sure you get the full value. Certain types of items, like artwork, can appreciate in value, it’s a good idea to regularly get appraisals to make sure your item is always insured for what it’s worth.
Another benefit of scheduling items is you may be able to get broader coverage than you would under a standard home insurance policy. For example, you may get coverage for accidentally breaking or losing your item (sometimes referred to as a “mysterious disappearance”), which is usually not covered under a standard homeowners policy.
You also might be able to buy scheduled personal property coverage with a lower deductible than your homeowners insurance, or no deductible. Your homeowners policy deductible typically applies to claims for unscheduled items under a standard home insurance policy.
Types of Valuables Covered by Scheduled Personal Property
The types of items that are usually scheduled include:
Collectibles (such as coins or memorabilia)
Health and medical related items, like hearing aids, prosthetics and wheelchairs
Sports equipment, like golf clubs
Certain types of expensive electronics, such as cameras and computer equipment
There are usually sub-limits found in a standard home insurance policy. Sub limit means there is a limit on the specific
type of item unless it is scheduled. For example, an HO-3 policy may have an overall personal property coverage limit of $50,000, but a $1,500 sub-limit for theft of jewelry. This means that if $5,000 worth of jewelry is stolen from your home,
your insurer will only reimburse you for $1,500, minus your deductible, even though your overall coverage limit of $50,000
is more than enough to cover the value of the event. To get the whole $5,000 (as an example) you would have needed to
schedule that item.
What Is Unscheduled Personal Property?
Unscheduled personal property includes items that are typically covered by a standard home, condo or renters’ insurance
policy but have not been separately scheduled. Unscheduled items fall under the personal property coverage limit, sub-
limits, and deductible on your policy.
Make sure to update your agent and provide appraisals on items or at least photos in case of a claim.