Scheduled Personal Property

Scheduled personal property refers to specific valuable items like jewelry, art pieces, or collectibles that are individually listed and insured separately within a property insurance policy.

Example #1

For instance, if a homeowner has a diamond ring worth $10,000, they can schedule it separately in their home insurance policy to ensure it's covered in case of theft or damage.

Example #2

Another example could be a valuable artwork collection that is separately listed in a property insurance policy to guarantee its protection in case of a fire or other covered events.

Misuse

Misuse of scheduled personal property coverage could involve undervaluing or underinsuring high-value items. For instance, listing a diamond necklace worth $20,000 with an insured value of only $5,000 can lead to inadequate compensation if the necklace is lost or stolen. It's essential to accurately assess the value of scheduled items to avoid financial loss in the event of a claim.

Benefits

The primary benefit of scheduling personal property is that it offers specific coverage for high-value items that may exceed the standard limits of a typical home insurance policy. In the event of a covered loss, the scheduled items are insured for their appraised or declared value, providing more comprehensive protection.

Conclusion

Scheduled personal property is a valuable option for consumers to protect high-value possessions that may not be adequately covered by standard property insurance policies. By listing and insuring these items separately, individuals can ensure they receive appropriate compensation in case of damage, loss, or theft.

Related Terms

Personal Property CoverageCoverageInsuredClaim