A standard homeowners insurance policy covers expensive valuables, but only up to a limited amount. Scheduled personal property coverage is an endorsement that increases coverage limits to ensure your valuables are fully covered.
Updated July 23, 2021|4 min read
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With homeowners insurance, certain types of expensive valuables, like jewelry, collectibles, fine art, and electronics are covered by your policy, but they typically have a limited amount of coverage if they’re damaged by a covered peril or stolen from your residence.
Scheduled personal property coverage is a coverage enhancement, or endorsement, that you can add onto your policy to raise payout limits on those high value items. Scheduled belongings also may be protected from types of loss that aren’t covered under a standard policy, like if you misplace something or it mysteriously disappears from your home.
Additionally, there are usually strict sublimits on off-premises loss in a standard policy; reimbursements for property damage or theft away from your home are typically capped at $500. With scheduled personal property coverage, your personal belongings are often covered up to their scheduled limit anywhere in the world.
Standard homeowners insurance covers expensive items up to a limited amount. Jewelry, for example, is generally covered up to $2,500
Scheduled personal property coverage lets you increase the reimbursement limits on certain items. It also covers more types of loss, like if you misplace or accidentally damage something
You typically don’t have to pay a deductible on scheduled personal property claims
Scheduled personal property coverage costs around $100 for every $10,000 in coverage
Scheduled personal property coverage is an endorsement that you can add to a homeowners insurance policy in order to extend coverage for valuable personal property. A standard homeowners insurance policy covers your personal belongings, but certain types of personal property, like jewelry, collectives, silverware, electronics, and other types of expensive items are subject to sublimits, or limited coverage amounts for each property type.
Below are some common coverage limits you may find on valuable property types:
Jewelry: $2,000 to $2,500
Silverware and silver-plated ware: $2,500
Firearms: $2,000 to $3,000
Some policies also have limits on individual items, in addition to the blanket limit on property types, so even though the jewelry limit is $2,000, the maximum they’ll pay out for, say, a single engagement ring may only be $500 or $1,000. This is where scheduled personal property coverage comes in: if you want to make sure your engagement ring is covered in the event it’s stolen, you can schedule an endorsement to your policy to increase coverage limits for it.
Homeowners insurance also includes strict limits of liability on personal property that is damaged or stolen away from your home. With scheduled personal property coverage, your scheduled items are typically fully covered regardless of if they’re damaged or stolen while off-premises.
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There are two things that you should do to determine if you have any expensive items that need to be scheduled:
Look at your policy and identify the sublimits for certain types of property
Take a home inventory or your personal belongings to see if you own anything that exceeds those sublimits and needs to be scheduled.
If you own a number of high value items that need additional coverage, check with your insurance company to see if it offers scheduled personal property coverage. You’ll find that most insurance companies offer at least some form of additional coverage for expensive items. If your company doesn’t offer scheduled personal property coverage, it may provide “blanket” coverage, which simply raises the sublimits and broadens coverage for multiple property types.
To schedule individual items, your insurer will likely send you a form where you’ll indicate which item or class of items you’d like to schedule. You’ll also indicate how much coverage you’d like for each item or property type. Before scheduling your personal belongings, your insurer may ask for an appraisal so they can verify that your stuff is worth as much as you say.
If you own anything of value that exceeds the sublimits in your policy, like an engagement ring, a nice road bike, or an expensive camera, you should look into a scheduled personal property endorsement to ensure they’re insured at their full value.
Scheduled personal property coverage also covers a greater variety of loss. So if you accidentally dent or lose your new Rolex watch or your plumbing bursts and leaks down onto your expensive baseball card collection, a scheduled personal property endorsement would reimburse you up to the scheduled limit of those items, assuming they were added to your policy.
Depending on the company, you may also not have to pay a deductible for scheduled personal property claims.
If you have any of the following items and their value exceeds the sublimits in your policy, you should consider a scheduled personal property endorsement.
Stamp, card and coin collections
Rugs and tapestries
Silver and goldware
While it generally varies by insurance company, you should expect to pay around $100 for each $10,000 you need scheduled for each class of items, according to Policygenius data. Coverage will generally be cheaper if you’re scheduling multiple items (under a single category). 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 the same coverage amount.
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.
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.
Depending on the insurance company, scheduled belongings may not have a deductible. That means if a scheduled item is damaged, you may not have to pay anything out of pocket to your insurer in order for them to pay out the claim.
There are eight different types of homeowners insurance policies for various home types and coverage needs.
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