A standard homeowners policy does cover personal property and includes things like jewelry and fine arts, but items like these are covered only up to a certain limit. If you have high-value items or collectibles, you will need a scheduled personal property endorsement.
What Is Scheduled Personal Property Coverage?
Scheduled personal property coverage is a type of coverage that you endorse on a homeowners policy to raise limits on your high-value items. These items are also covered by a loss that isn’t covered under a standard policy, like if something is mysteriously displaced. Scheduled personal property coverage usually covers your items around the world too. So if you travel with these items, you are covered anywhere.
Personal Property Coverage Under A Standard Homeowners Policy
A standard homeowners policy covers your personal belongings or your “stuff”. Your clothes, electronics, pots, pans, furniture, jewelry, rugs, etc. Certain types of personal property have sub-limits. So, you have $100,000 in total coverage for personal property, but for jewelry and furs, the payout limit is $2,000. A lot of times the $2,000 is the aggregate limit and there is also a single limit on each item. For example, each item for jewelry and furs is covered up to $500 per item, but in total for all jewelry and furs is covered up to $2,000.
Items that you should ask us about scheduling:
- Jewelry
- Fine arts
- Furs
- Cameras
- Electronics
- Bikes
- Musical Instruments
- Stamp & Coin Collections
- Golf Equipment
- Antiques
- Rugs
- Silverware & Gold-ware
How Scheduled Personal Property Coverage Works
If you do own anything higher than the value covered by your homeowner’s policy, then purchasing this coverage is necessary. An engagement ring, a nice mountain bike, or some artwork is the most common. You want to make sure each of these things is insured up to its full value. Most of the time, we will need an appraisal of the items that you want to schedule so the insurance company knows how much the item is actually worth. Scheduling personal items give you the extra coverage you need at a very low cost. Call Unity One Insurance today to get properly insured by an experienced insurance broker.
