Scheduled personal property is optional coverage you can add to your standard homeowners insurance policy to cover more risks and increase coverage limits on some high-value items.
You may need to purchase a scheduled personal property endorsement if the value of your personal items exceeds the limit on your personal property insurance policy. Learn more about scheduled personal property, how it works, the pros and cons, and how to get coverage.
Definition and Examples of Scheduled Personal Property
Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. A standard homeowners insurance policy covers personal items up to a specific dollar limit, beyond which an insurance company won’t compensate you in the event of a loss.
For instance, if your policy’s dollar limit is $4,000 for all your valuables but their total value exceeds that amount, you’ll need to purchase a scheduled personal property endorsement to have your valuables fully covered.
- Alternate name: Itemized personal property, personal article floater
A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium.
How Scheduled Personal Property Works
You may not realize the value of what you own until your home is damaged or vandalized. Your clothing, appliances, furniture, and jewelry are all treated as personal property. It’s only after a loss that many people realize they should have purchased replacement cost coverage or increased their coverage amounts.
A standard homeowners insurance policy covers your personal property up to a specific limit. The dollar amount might not adequately cover the cost of replacing your valuables, so you’ll need scheduled personal property coverage.
A standard homeowners policy typically includes coverage for:
- Damage to the dwelling itself
- Personal property
- Other structures that are not attached to your house, including fences and storage sheds
- Additional living expenses if you move out of your house (loss of use coverage)
- Damage to another person’s property
- Medical bills for someone injured on your property
Homeowners policies typically pay a percentage of your dwelling coverage limit to repair or replace your clothes, furniture, and other personal property. For instance, if you insure your home for $120,000 and your policy covers your personal property at 10%, your personal items will be insured for up to $12,000.
A complete list or inventory of your personal property and its total value will help you decide how much coverage is adequate and make filing claims easier.
Some possessions covered by a scheduled personal property endorsement include jewelry, coin collections, postage stamps, furs, antiques, guns, fine arts, silverware, and other items whose value exceeds what your regular homeowners policy covers.
Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. An insurance deductible doesn’t apply to this coverage.
Perform regular appraisals—at least annually—of items insured under scheduled personal property endorsement to ensure you have adequate coverage in case of loss.
Scheduled personal property does provide broader coverage, but some exclusions do apply to this type of coverage. For example, this endorsement won’t cover property damage due to normal wear and tear, or loss caused by corrosion or rust.
Pros and Cons of Scheduled Personal Property
Pays the replacement cost
- Broader coverage: Scheduled personal property not only increases the dollar limits on your possessions, but it also covers additional risks not covered by a regular homeowners policy, such as direct physical loss of your property.
- No deductible: Insurance deductibles typically don’t apply to items covered by scheduled personal property policies.
- Pays the replacement cost: Scheduled personal property policies are written on a replacement-cost basis, so an insurer will pay you the cost to repair or replace your item with one of similar kind and quality.
- Higher premiums: Scheduling or adding specific high-value items to your homeowners policy will likely raise your premium.
- Regular appraisals: You should perform regular appraisals, perhaps annually, of your possessions to ensure you have the right level of coverage in case of loss.
How To Get Scheduled Personal Property
Each insurance company will value your personal property differently. But here are the steps you can take to get the right amount of scheduled personal property insurance:
- Record every valuable possession in your house and copy the serial numbers.
- Retrieve copies of either the receipts or appraisals of each item.
- Take pictures of all items and receipts, and send them to your insurer.
- Your insurance company’s underwriting team will review and get back to you with the status of your request.
You may need to take a picture of your item on top of the appraisal or receipt if you’re insuring jewelry.
- Scheduled personal property is an insurance endorsement you can add to your regular homeowners policy.
- Scheduled personal property covers additional risks that your standard homeowners policy doesn’t cover.
- Scheduled personal property insurance covers losses and damage to possessions on a replacement-cost basis.
- You’ll need to provide copies of either appraisals or receipts of your items before an insurer can provide scheduled personal property coverage.