Scheduled Personal Property Coverage [Insure Your Valuables]

Home insurance policies act as a protective bubble, financially safeguarding your home, belongings, and even your family. But you may be surprised to find a few holes in that bubble when it comes to insuring your personal belongings, especially high-priced items. 

For costly and valuable items (such as tech, jewelry, antiques, and the like), your standard homeowners insurance policy may not cover the total cost of a repair or replacement if something should happen. To protect these expensive items completely, you may need to add scheduled personal property coverage to your existing policy instead. 

Here’s a look at scheduled personal property insurance, which of your belongings can be protected by this coverage, and how to add it to your homeowners insurance policy.

Key takeaways

• Scheduled personal property coverage is an optional rider or endorsement that can be added to an existing insurance policy, such as homeowners coverage.

• While homeowners insurance also covers personal belongings, there are usually lower per-item and total coverage limits.

• With scheduled coverage, insured individuals can explicitly insure valuable items for higher amounts than the base policy allows.

• Scheduled personal property insurance (SPP insurance) can also be referred to as valuable personal property (VPP) coverage, depending on the carrier and policy.

• SPP insurance coverage can be extended to valuables such as jewelry, art, antiques, collectibles, electronics, and more.

What is scheduled personal property coverage?

Scheduled personal property coverage is a type of insurance rider (also known as an endorsement) that homeowners can add to an existing policy to provide more protection for specific valuables. Unlike standard (unscheduled) personal property insurance, this coverage is itemized and designed to cover only listed items.

Scheduled personal property works in two ways: 

• It increases certain policy limits to cover expensive items more adequately.

• It can protect those valuable items from additional perils not included in the standard hazard insurance portion of the policy.

This scheduled coverage is helpful because home insurance policies typically have caps on the amount they will financially cover if your property is stolen, lost, or damaged. Carriers also impose limits regarding the different kinds of damage they will cover. But with a scheduled personal property endorsement, you can better protect your most prized possessions from risks like theft and mysterious disappearance.

What items can be listed as scheduled?

When people first think of scheduled items insurance, they often think of jewelry insurance. However, while scheduled jewelry coverage is indeed one option, you can protect many other personal items with this type of insurance. 

In fact, you can list almost any item of high value that you want extra coverage on when purchasing this floater or endorsement. Some commonly scheduled items include things like:

• Antiques

• Art

• Collector’s items

• Expensive technology

• Family heirlooms

• Furs

• Guns

• Jewelry

Generally, anything that would be expensive to replace or that is more likely to be stolen because of its value can be listed as scheduled assets.

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

Although many home policies (like HO-3 insurance) cover personal property, they often have monetary and peril limits. These can leave your most valuable belongings unprotected — or only partially protected — if the worst were to occur. 

For example, let’s say your insurance provider sets a $2,000 limit for personal property when you file a claim. This means that if a $4,000 necklace gets stolen during a break-in, you’d likely be on the hook for half of the replacement cost. You could also lack coverage against things like mysterious disappearances with traditional insurance policies. However, if the item is scheduled beforehand, you could be protected against that type of loss.

Though scheduled riders help bridge the gap between your standard insurance coverage and out-of-pocket expenses, some exceptions exist even after scheduling your property. Some scheduled personal property endorsement exclusions include:

• General wear and tear

• Gradual deterioration

• Rust

• War

• Neglect

• Intentional damage or destruction

And while it probably goes without saying, unscheduled personal property (belongings not explicitly listed on the policy) is also excluded from this additional coverage.

Even if your valuables are covered, it’s still important to take good care of them to not only extend their lifespan.

Standard vs. scheduled personal property insurance

Personal property insurance is a type of coverage that automatically comes with many homeowners insurance policies. It protects you from replacing or repairing your personal items out of pocket if they’re damaged or stolen following a covered peril up to a certain coverage limit. 

Scheduled personal property insurance takes that standard protection a step further. While this coverage is optional and available at an added cost, it offers higher coverage limits and/or additional perils, so your belongings are better protected.

To determine whether you need to add a scheduled personal property rider to your policy, it’s important to consider which valuables you own and their current value. For example, if you have a rather large collection of antiques, jewelry, or 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 coverage to your current policy usually isn’t complicated and can often be done quickly, so your belongings aren’t sitting around unprotected for longer than they should. 

As part of the process, you will typically need to provide proof of the value of the item(s) you’re scheduling to your carrier. Depending on the item and your insurance company, you may also need to provide proof of ownership and/or possession of the item. This can often be done by sending a picture of the item to your insurance agent and a receipt to prove the value at the purchase time. 

It’s worth noting that the value of your items may change over time. It can be wise to hire an appraiser every few years to determine the updated value of your expensive items, as they will factor in current market rates and any appreciation or depreciation. You can then make any necessary changes to your policy to ensure that you always have the right amount of coverage.

Do I need a scheduled personal property endorsement?

Whether or not you need scheduled personal property insurance depends on:

• the valuables you own

• your current homeowners policy’s coverage limits

• how you handle those items

• your budget and financial situation

You may want to protect a valuable ring you wear regularly and couldn’t afford to replace it if it was lost or stolen. On the other hand, an heirloom watch that you keep in a safe or security deposit box might not be at as much risk. 

An antique Tiffany lamp could set you back tens of thousands of dollars if it were to get broken by a guest in your home accidentally. However, a $2,000 painting might not be worth the added premiums, especially if your standard homeowners insurance policy would cover the bulk of that replacement cost.

How much does scheduled personal property cost?

As far as homeowners insurance riders go, scheduled personal property is relatively affordable. On average, you’ll pay a couple of hundred dollars each year in exchange for tens of thousands in coverage. Many individuals can also reduce or eliminate their deductibles for this coverage. 

It’s important to note that these rates vary by home insurance provider, coverage limits, and even location. You’ll want to contact an agent to verify rates, available coverage, and even factors like homeowners insurance deductibles before adding any extra coverage.

Still have questions?

Here are some of the frequently asked questions regarding scheduled personal property coverage.

Which peril is covered by a scheduled personal property endorsement?

Personal property listed on a scheduled endorsement is usually protected by the same perils as the base homeowners insurance policy, and often additional perils like loss or damage. These included perils are usually things like fire, theft, vandalism, and water damage, among others.

What is the difference between blanket coverage and scheduled coverage?

Many homeowners insurance policies include general personal property coverage for your belongings. This covers all eligible items in your home up to a certain overall and per-item limit. Scheduled coverage, however, is intended to protect specific and expensive items up to an explicitly stated value.

What is a scheduled limit?

Scheduled personal property endorsements cover valuable personal items explicitly listed on the endorsement. The amount of coverage provided for each item depends on its stated (and often appraised) value, which will also determine the premiums for this added coverage. 

Does it cost more to add an additional insured?

An additional insured is someone who is added to an insurance policy’s coverage. Adding an additional insured may or may not increase your premiums, depending on the type of policy and coverage offered, as well as the carrier’s policies. An additional insured on an auto policy, for example, may pose more risk to the carrier than an additional insured on a valuable personal property policy, so premiums may be lower.

What are the benefits of insurance scheduling?

Scheduling personal property provides individuals with more comprehensive coverage for their valuable belongings by offering higher insurance limits and expanded coverage for perils. Rather than being limited to the coverage offered by standard homeowners insurance, scheduled policies allow for limits up to an item’s appraised value.