What is Scheduled Personal Property Insurance?

Posted July 1st, 2019 by Jason Metz

“Scheduled personal property” insurance is an add-on to a homeowners insurance or renters insurance policy to cover valuable items for their total worth. Scheduled personal property insurance is also known as an endorsement, floater or rider. Items such as artwork, antiques, jewelry, memorabilia, musical instruments and sports equipment are commonly scheduled items.

Why do I need scheduled property insurance?

A homeowners or renters insurance policy usually has sub-limits of coverage for groups of items or individual items. For example, a common sub-limit is $1,500 for the theft of jewelry. If a very valuable item is stolen, such as a $10,000 engagement ring, you wouldn’t be covered for its total worth. Scheduled personal property insurance lets you add extra coverage for valuable items.

Scheduling an item may also cover problems that are not typically covered by a standard home or renters insurance policy, such as accidental loss. For example, if you accidentally drop your wedding ring down the drain, it may be covered if it’s a scheduled item.

Renters insurance sublimits

How do I schedule an item?

To schedule an item, you’ll typically need to give your homeowners or renters insurance company a copy of the receipt or a professional appraisal.

If you have items that increase in value over time, like antiques or collectibles, you may want to get regular appraisals done and update your insurance coverage limits accordingly.

Making a home inventory is a good way to figure out what items need to be scheduled.

Examples of insurance sub-limit amounts

Type of item Sub-limit
Theft of Jewelry, watches, furs $1,500
Theft of firearms and related equipment $2,500
Passports, tickets and stamps $1,500
Theft of silverware, goldware and platinumware $2,500
Records, CDs, DVDs, and hard drives $250
Watercraft, including trailers and outboard engines $1,500

Is there a deductible for scheduled personal property?

If you make an insurance claim there’s often a deductible. This is the amount deducted from your insurance check. Depending on the insurance company, you may be able to choose a lower deductible or no deductible for scheduled personal property.

What does unscheduled personal property mean?

Unscheduled personal property typically refers to items that are covered by a homeowners or renters policy but that have not been specifically itemized. Unscheduled personal property will be subject to the policy sub-limits.

What is covered under personal property on homeowners insurance?

A standard homeowners policy covers personal property (such as clothes, curtains, furniture, electronics, jewelry, kitchen items, rugs, and even the knickknacks on your shelves) from 16 problems known as “perils.” These perils include fire and lightning, windstorm and hail, falling objects, theft and vandalism.

      Read more: What does homeowners insurance cover?

What does it cost to schedule personal property?

The cost of scheduling items will depend on the item and the insurance company, but the approximate cost is 1% to 2% of the value of the item. For example, a $5,000 ring could cost between $50 to $100 per year to schedule.