Scheduling items on your homeowners policy can give you peace of mind for those higher valued items you’ve purchased or items you may collect. Personal property coverage on your standard homeowners policy is a broad coverage that lumps all of your belongings into one value. Within this broad coverage, there are certain types of personal property and situations where a lower underlying limit applies. For example, the theft of jewelry on your standard homeowners policy is typically limited to $1,500. Your standard personal property coverage is also subject to the all perils deductible on your policy, which is usually a minimum of $1,000.
What are the benefits of scheduling items?
Broader Coverage: Scheduled items on a policy are typically covered worldwide and may also be covered for things normally not included in your standard personal property coverage, such as mysterious disappearance.
Value: When scheduling items, you have the ability to list items for an agreed value. This means you won’t be subject to underlying limits, such as the above $1,500 theft of jewelry limit that applies on your standard homeowners policy.
Lower Deductible: Scheduled items are able to have a lower deductible than the rest of the coverages on your homeowners policy. Typically, the deductible is $0, but some companies offer the choice of a $250 or $500 deductible for scheduled items.
What items should you consider scheduling?
- Jewelry
- Art
- Silver
- Antiques
- Firearms
- Musical Instruments
- Stamp and Coin Collections
- Furs
- Expensive Cameras
How do you schedule items on your homeowners policy?
Talk to your local agent. They can answer any questions you have about the cost of scheduling an item or if an item is eligible to be scheduled. You will need to provide a recent receipt or professional appraisal to document the value.