Scheduled Personal Property

What Is Scheduled Personal Property Coverage?

You know you need homeowner’s insurance, but do you know exactly what kind of coverage you need to protect your valuable possessions? In some cases, a standard policy is not enough to cover high-value items you have in your home. That’s where scheduled personal property insurance comes in.

Why you might need it

Standard homeowner’s insurance covers your belongings only up to a certain limit. Scheduled personal property is additional coverage that you purchase in order to cover items’ full value in case of damage or theft.

Not everyone needs scheduled personal property coverage. However, if you have expensive jewelry, artwork, clothing, collectibles and the like, it is wise to add on coverage and schedule these items separately on your policy.

Assessing need

Start by creating an inventory of your belongings. Take photos and videos, dig up old receipts and have items appraised as needed. If the value of any item exceeds the limits of your homeowner’s policy, consider adding on coverage.

How to get it

Costs and requirements vary from one provider to the next. Tell your insurance provider which items you want to schedule separately on your policy. You may then need to submit a receipt or an appraisal value for each item, stating its value.

Keep your photos and videos in a safe place, too. It will make the claims process much easier if you ever need to file one.