Scheduled Personal Property Coverage: Explained In Details

Scheduled Personal Property Coverage

No Deductible

Asset Protection

Optional Coverage

By Alice Yao | Updated July 14th, 2020

Standard homeowners insurance includes coverage for your personal property, but there are specific coverage limits for high-value items such as jewelries and antiques.

In order to adequately cover these valuables, you can add a scheduled personal property endorsement onto your homeowners policy. A scheduled personal property endorsement allows itemization of your valuables at their recent appraised value, so you are not limited to the standard limits of homeowners insurance. 

In this article, we will go over these following topics:

Expensive Watches

Do I need scheduled personal property coverage?

In your home, if there are high-value items such as engagement ring, family heirlooms or expensive watches, we strongly recommend looking into this coverage. 

Below is a general list of valuable belongings that you can itemize under a scheduled personal property coverage:

  • Jewelry and fur
  • Fine arts
  • Expensive cameras
  • Computer and computer equipment
  • Musical instruments
  • Stamps and coins collection
  • Sports equipment such as golf clubs
  • Valuable antiques
  • Firearms 

Not surprisingly, jewelry and watches are the most common items found under this coverage.

In most homeowners insurance policy, you will find that jewelry theft coverage is limited at $5,000 and often capped at $1,000 per item.

According to a survey done by a popular wedding planning website (The Knot), an average American spends $5,900 on an engagement ring. This amount far exceeds the coverage provided in most homeowners policy at $1,000 per item. 

For this reason, it is important to consider scheduled personal property coverage for financial protection of your engagement and wedding rings.

What are other benefits of scheduled personal property coverage?

In addition to financial protection from covered perils, scheduled personal property offers these additional benefits:

  • Broader protection - Accidentally losing your valuables, such as dropping your engagement ring down a kitchen sink. 
  • No deductible - Most insurance companies do not have deductible for this add-on coverage. 

In comparison, a standard homeowners insurance policy typically does not cover accidental or mysterious loss and carries a deductible between $1,000 to $2,000 per claim. 

Appraiser examining a ring

What information do I need to apply for scheduled personal property coverage?

If you are looking to add scheduled personal property coverage to your policy, you will be asked to show proof of value. You may provide a copy of:

  • Paid receipt (bill of sale)
  • Recent appraisal for the item(s)

In addition, you will be asked to provide a detailed description as well as recent photos of the item.

After your scheduled personal property endorsement is added to your homeowners policy, the additional premium will be combined with your homeowners insurance premium.

How much does scheduled personal property coverage cost?

The cost is dependent on an item's appraised value and its type. For example, a jewelry piece tends to cost more to schedule than a music instrument. The reason is that a jewelry piece is worn often and therefore it carries a higher risk of theft and accidental loss.

Keep in mind that some insurance companies account for inflation of an insured item at policy renewal, and others insure the item for stated value. We recommend updating the appraisal of your insured items every 5 years to ensure that the policy provides sufficient and accurate financial protection. 

Every insurance company has its own guidelines. We always recommend talking to your insurance agent to discuss specific insurance topics in further detail. Working with an insurance agent is the best way to make sure you are properly covered.

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