With homeowners insurance, your standard personal property coverage comes with limits to how much expensive valuables like jewelry, fine art, and electronics are covered. It’s also limited in the types of perils that are covered and where your belongings are covered. That’s where scheduled personal property coverage comes in.
Scheduled personal property coverage is an endorsement that you can add to your home insurance policy to raise coverage limits for high-value items to ensure all of your belongings are fully protected — no matter how or where they’re damaged.
What is scheduled personal property coverage?
Scheduled personal property coverage is supplemental protection you can add to your home insurance policy to increase coverage limits for your valuable belongings. A standard homeowners insurance policy limits coverage for certain types of personal property like jewelry, antiques, fine art, firearms, and other expensive items.
Here are common coverage sublimits for high-value items you’ll find on a standard home insurance policy without scheduled personal property coverage:
Personal property | Coverage limits |
|---|---|
Jewelry | $2,000 to $2,500 |
Furs | $2,000 |
Firearms | $2,000 to $3,000 |
Silverware & goldware | $2,500 |
Some policies also have limits on individual items. So even if your jewelry sublimit is $2,000, the maximum they’ll pay out for a single piece of jewelry may only be $500 or $1,000. In addition, standard home insurance policies typically have strict sublimits of around $500 for personal property that’s damaged or stolen away from your home.
This is why scheduled personal property coverage is so important: Your scheduled items are typically fully covered anywhere in the world.
What types of valuables are typically covered by scheduled personal property?
You can typically purchase a scheduled personal property endorsement for the following types of high-value belongings:
Furs
Fine art
Cameras & electronics
Bikes, golf equipment, & other sporting equipment
Musical instruments
Stamp, card, & coin collections
Silverware & goldware
How much does scheduled personal property coverage cost?
Scheduled personal property coverage costs around $100 per $10,000 in coverage annually for a single category, according to Policygenius data.
Coverage will generally be cheaper if you’re scheduling multiple items under a single category, than if you have one high-value item. So if you’re scheduling three rings that add up to $15,000 in coverage, expect a lower premium than if you scheduled a single necklace for that same coverage amount.
Let’s take a look at how much scheduled personal property coverage might cost you based on different high-value items you might want covered:
Scheduled property | Scheduled personal property coverage limit | Annual coverage cost |
|---|---|---|
Set of golf clubs | $2,000 | $30 |
2 expensive cameras | $5,000 | $50 |
Engagement ring | $6,000 | $80 |
3 pieces of artwork | $15,000 | $150 |
Do I have to pay a deductible when I file a claim for scheduled property?
You usually don’t have to pay a deductible when you file a claim for scheduled personal property. That means if a scheduled item is damaged, you likely won’t have to pay anything out of pocket in order for your insurer to pay out the claim.
This is another perk of scheduled personal property coverage. If you were just relying on your standard personal property coverage when filing the claim, you’d have to pay your deductible before your insurance company would cover the loss.
Who needs scheduled personal property coverage?
If you own anything of value that exceeds the personal property coverage limits in your home insurance policy, you should look into a scheduled personal property endorsement.
So whether you own a nice road bike, antiques from your great-grandmother, or a sick set of golf clubs, you should consider scheduling an endorsement to your policy to make sure they’re protected for their full value.
Scheduled personal property coverage also covers a greater variety of loss. So if you accidentally lose your new Rolex watch or a plumbing leak ruins your expensive baseball card collection, a scheduled personal property endorsement would reimburse you up to the scheduled limit of those items.
What's the difference between scheduled property coverage and blanket insurance?
Scheduled personal property coverage lets you increase coverage limits for specific items you own, while blanket insurance increases coverage limits for whole categories of items you might own.
Here's a quick breakdown of the differences between scheduled property coverage and blanket insurance coverage.
Scheduled property coverage | Blanket insurance coverage | |
|---|---|---|
Definition | Increases coverage limits for one specific item | Increases coverage limits for an entire category of belongings |
Example of covered belongings | Engagement ring | Full jewelry collection |
When it's best | If you have a few high-value belongings in different categories | If you have several expensive collections in different categories |
→ Take a deeper dive into blanket insurance coverage
Does scheduled personal property coverage cover mysterious disappearance?
Scheduled personal property coverage may cover your scheduled belongings if you lose them or they go missing. Keep in mind this is only for scheduled items — standard personal property coverage does not cover belongings that you lose or misplace.
Frequently asked questions
What is unscheduled personal property?
Unscheduled personal property refers to belongings that are already covered under your standard home insurance policy’s personal property coverage section. In other words, it’s not property that’s been explicitly listed out or itemized on your policy.
What is personal property coverage?
Personal property coverage is a category of coverage in a standard homeowners insurance policy. It protects your belongings if they are damaged by a covered peril, like weather-related damage and vandalism. It also covers your belongings if they’re stolen.
What does scheduled mean in insurance?
When a piece of property is “scheduled” in insurance, that means the item is specifically listed on your policy and covered up to a certain agreed-upon amount.
Does the scheduled personal property endorsement provide open perils coverage?
Yes, a scheduled personal property endorsement comes with “open perils” coverage, meaning that your belongings are covered against every hazard except what’s specifically excluded in your policy documents.
