Scheduled Personal Property | How To Prevent Gaps In Coverage

Scheduled personal property

Why should you schedule personal property?

Shouldn’t your personal belongings be covered in the standard policy? What kind of property can I schedule? How do I know if I have scheduled personal property on my policy?

You may be asking yourself any one of these questions when shopping around for quotes on home insurance. They are all valid questions and an educated consumer makes smart buying decisions.

Having scheduled personal property isn’t a given, and it isn’t included in a standard policy. It is very specific coverage so it is impossible to just be included without a separate endorsement. You can find this coverage while comparing insurance on your Declarations page.

Why scheduled personal property is for you.

To ensure that a particular piece of property is covered to its full value, it is recommended that you schedule personal property with your insurance company. Many personal belongings can have a much higher individual value than the average item.

Here is a list of a few of the most common scheduled property:

  • Jewelry

  • Firearms

  • Furs

  • Fine Art Work

  • Cameras

  • Musical Instruments

  • Silverware

  • Golf Equipment

  • Coin Collection

  • Stamp collection

In most cases there is no deductible that applies to this additional coverage. An appraisal of the item is required to add this coverage.

What am I covered for now?

There are standard coverage limits on personal property. Without scheduling a particular piece of property there will be a cap on how much is covered. Usually it is $1,000 per item with a cap of $5,000 total. Some companies offer additional coverage to increase the capped amount.

Claim Situation

Jon and Stacey just got married and went on a honeymoon to Mexico right after there wedding. Jon purchased an engagement ring for Stacey totaling $4,900. The jeweler he purchased the ring from supplied him with an appraisal as well. Jon called his home insurance company to have the ring added as an endorsement before they left for their honeymoon. While in the ocean Stacey lost her engagement ring. Is this covered..?

Result

YES!

When you schedule your personal property it will be covered even if you just lose it. It is called mysterious disappearance coverage. This is one of the biggest reasons to get this coverage. If you lose your ring down a drain it is covered. Jon received a check for $4,900 to replace the ring!

How much does scheduled personal property cost?

Based on estimates for scheduling jewelry coverage.

  • Total Coverage
  • $5,000
  • $10,000
  • $20,000
  • Average Premium (Annual)
  • $50-$75
  • $100-$150
  • $200-$300

It is relatively inexpensive to schedule personal property.