More on Home Insurance
More on Home Insurance
A standard homeowners insurance policy covers expensive valuables, up to a limited amount. To increase those coverage limits, you’ll need a scheduled personal property endorsement.
Published January 30, 2020
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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 is 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
A standard homeowners insurance policy covers your personal belongings, from furniture to pots and pans to the expensive china in your living room. However, 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 aggregated property type.
For example, your policy may state that all jewelry and furs are covered up to $2,000, silverware and silver-plated ware up to $2,500, and firearms up 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.
Homeowners insurance also includes strict limits of liability on personal property that is damaged or stolen away from your home. In some cases, theft coverage may be excluded from areas with a reputation for crime — check with your insurer to see if that’s the case. If you lost or misplaced something or you accidentally damage your property, that also typically isn’t covered under a standard policy.
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If you own anything of value that exceeds the prescribed 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.
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; and 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 they offer 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, they 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 claim.
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.
Pat Howard is a homeowners insurance editor at Policygenius in New York City. He has written extensively about home insurance cost, coverage, and companies since 2018, and his insights have been featured on Investopedia, Lifehacker, MSN, Zola, HerMoney, and Property Casualty 360.
Pat has a B.A. in journalism from Michigan State University.
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