Scheduled Personal Property Coverage: A Guidebook

Have you ever watched a superhero movie where the main character puts an invisible shield around something to protect it and thinks, I wish I could do that? While we haven’t come up with a formula for this technology quite yet, that doesn’t mean there aren’t other ways to protect what you love most.

Home insurance policies are made to act like a protective bubble — covering your home, belongings and family from any harm. But when it comes to your personal property, especially on high-priced items, you may be surprised to find a few holes in that bubble. 

For costly and valuable items (think tech, jewelry, antiques, etc.), your insurance may not cover the total cost to repair or replace it if something happens. To completely cover these expensive items, you’ll need to add scheduled personal property protection (another kind of insurance rider) to your existing policy. Insurance jargon can be confusing but quickly explained. If you would like to ‘schedule’ your antique watch collection under your policy, this is the added coverage you would need.

Key takeaways:

• Scheduled personal property works in two ways: increasing policy limits to cover more expensive items and protecting these items from a more significant number of hazards.
• It’s recommended to hire an appraiser every few years to determine your scheduled items’ actual value, as they will factor in current market rates and depreciation.
• On average, you’ll pay a couple of hundred dollars out of pocket for thousands in scheduled personal property coverage.

What is a scheduled personal property endorsement?

Scheduled personal property coverage is an insurance rider (also known as an endorsement) homeowners can add on to their existing policy to get more protection for their valuables. Scheduled personal property works in two ways: increasing policy limits to cover more expensive items and protecting these items from a more significant number of hazards.

Your home insurance policy typically has caps on the amount they will financially assist you with if your property is stolen or damaged. They also have limits on what kinds of damage they will cover. But with a scheduled personal property rider, you can get your most prized possessions fully covered from things like theft and mysterious disappearance.

What items can be listed as scheduled?

You can list any item of value that you want extra coverage on as scheduled. Some commonly scheduled items include:

• Antiques
• Art
• Collector’s items
• Expensive technology
• Family heirlooms
• Furs
• Guns
• Jewelry

Generally, anything that would cost a lot to replace, and is more likely to be stolen because of its value, can be covered.

What does scheduled personal property cover (and not cover)?

As mentioned above, scheduled personal property coverage increases the protection your home insurance policy provides to your belongings. Although home insurance policies cover personal property, they often have monetary and peril limits (learn more about those in our guide to HO-3 insurance) that can leave your most valuable things unprotected in worst-case scenarios. 

For example, let’s say your insurance provider set a $2,000 limit for personal property claims. This means that if a $4,000 necklace were stolen during a break-in, you’d be on the hook for half of the replacement cost. Other instances like mysterious disappearances aren’t covered in your traditional policy but would be protected if the item had been scheduled beforehand.

Though scheduled riders help bridge the gap between your standard insurance coverage and your out-of-pocket expenses, there are some exceptions to its coverage. Scheduling your property will not protect it from:

• General wear and tear
• Gradual deterioration
• Rust
• War

So even if your valuables are covered, it’s still important to take good care of them to extend their lifespan.

Standard vs. scheduled personal property insurance

Personal property insurance comes with most insurance policies and protects you from having to pay outright to replace or repair your items if they’re damaged or stolen. However, it costs a bit extra. Scheduled personal property takes that protection a step farther than your standard coverage.

To determine if you need to add a scheduled personal property rider to your policy, it’s important to consider how many valuables you own. If you have a rather large collection of antiques, jewelry, or other memorabilia that would be very expensive to replace, this coverage might be a good idea. Other considerations include your area’s crime rate and if you plan to travel with these valuables regularly.

Scheduling your personal property

Luckily, adding this additional coverage to your current policy isn’t complicated. However, you’ll need to prove the value of the items you’re scheduling. This should be done as soon as possible so that your valuables aren’t sitting around, unprotected for longer than they have to be.

To get your belongings scheduled, you can send a picture of the receipt to your insurance agent to prove the value at the purchase time. It’s worth noting, though, that the value may change over time. It’s recommended to hire an appraiser every few years to determine the actual value of these expensive items, as they will factor in current market rates and any appreciation or depreciation.

How much does scheduled personal property cost?

As insurance riders go, scheduled personal property is pretty cheap. On average, you’ll pay a couple of hundred dollars out of pocket for thousands in coverage. You’ll often be able to reduce or get rid of your deductible for this coverage altogether. However, these rates vary by your home insurance provider, so call your agent to verify their rates before adding any extra coverage.

Scheduled personal property insurance riders give you the flexibility to provide extra coverage to what matters most. From the guitar you got for Christmas to the expensive camera you cherish, give us a call to get the additional protection you need.