You’ve collected personal belongings over your lifetime that you want to protect. Your homeowner’s or renter’s insurance policy covers losses of personal property, but coverage is limited to a maximum amount for your overall loss. It’s likely that you own property that requires additional coverage. In that case, your precious belongings should be addressed as Scheduled Personal Property.
Scheduled Personal Property is offered as a rider to homeowners’ or renters’ insurance allowing customers to cover special items for a predetermined value. Jewelry, cameras, artwork, golf equipment, firearms, musical instruments, fine silverware and more are typically covered as Scheduled Personal Property. Scheduled coverage means the value of a specific item is assessed or appraised and that value is covered in the event of theft, vandalism, fire or even miscellaneous disappearance. Scheduled items are not included in the overall personal property coverage, but instead in addition to the overall personal property covered by the homeowner’s or renter’s policy. Often, no deductible is required of the homeowner or renter when the claim is made on a scheduled piece of property.
It’s usually a requirement that a customer provide a current appraisal for any scheduled item on the policy. It’s a good step to have a video or photo of the item also to most accurately show the item and its worth.
Speak with your agent about your personal property and the need to specify coverage for precious items as Scheduled Personal Property.