Scheduled Personal Property

Scheduled personal property refers to specific valuable items that are separately listed and insured under a homeowner's or renter's insurance policy to ensure they are adequately covered in case of loss, theft, or damage.

Example #1

For example, expensive jewelry, artwork, electronics, or antique furniture may qualify as scheduled personal property.

Example #2

Another example could be a high-end camera or a collection of rare coins designated for separate coverage.

Misuse

Misuse of scheduled personal property coverage could involve undervaluing or not accurately listing high-value items. This could lead to inadequate compensation in the event of a claim, leaving the owner at a significant financial loss. It is crucial to ensure all valuable possessions are correctly identified and insured to avoid being underinsured.

Benefits

The main benefit of scheduling personal property is that it provides broader coverage and higher limits specifically tailored to expensive or unique items. For instance, if a scheduled diamond ring is lost, the policyholder can receive the full appraised value of the ring instead of a capped amount typically covered under regular personal property coverage.

Conclusion

Scheduled personal property coverage offers individuals the opportunity to protect high-value possessions that may exceed the limits of a standard homeowner's or renter's insurance policy. By accurately listing and valuing these items, consumers can ensure they are adequately covered in the event of a loss, theft, or damage.

Related Terms

Homeowners InsuranceRenters InsurancePersonal PropertyCoverageClaim