What is scheduled personal property coverage?

Scheduled personal property coverage is an optional add-on to homeowners or renters insurance that provides broader protection for specific high-value items, such as jewelry, fine art, and musical instruments. Most standard policies limit how much they pay for these categories regardless of an item’s actual worth. For example, a standard policy may cap a jewelry loss at $1,500.

Adding a scheduled personal property endorsement allows these items to be insured for their full value. This coverage also expands the types of losses covered — such as losing a ring while traveling — and typically waives the deductible for those specific items.

How scheduled personal property coverage works

When you schedule personal property on your home insurance policy, you’re insuring each item for a set value. To schedule an item, your insurer will ask for a detailed description of the item, photos, and documentation to prove its value, such as an appraisal, receipt, or other proof of ownership. 

Once you schedule an item, it has its own coverage amount, separate from the rest of your personal property. If the item is stolen, lost, or damaged, your claim is settled based on the scheduled value rather than being limited by category caps (often called sublimits) in your standard policy. 

In many cases, scheduled items are covered for more types of losses than your other belongings, and the deductible is often waived in the event of a claim. For instance, jewelry theft and accidental loss are covered up to the value of each scheduled item included in the claim. And coverage typically applies whether the loss happens at home, at work, or while you’re traveling, depending on the specifics of your policy.

Why you may need scheduled personal property coverage

Standard home insurance limits how much the insurance company pays out for specific types of property claims, such as loss of or damage to watercraft, jewelry, furs, firearms, silverware, and electronics. These limits are listed by category in your policy documents — check under Coverage C (personal property coverage). The amount is usually capped at around $1,500 per claim, though sublimits for valuable items vary by policy and insurance company. 

Depending on your circumstances, the standard limits may be enough to cover your belongings (e.g., furniture, clothing, and electronics). But if you have high-value items, like jewelry or fine art, having higher limits can offer more coverage and better peace of mind.

What belongings need scheduled personal property coverage?

Here are some items you might want to consider for scheduled personal property coverage:

• Furs
• Jewelry
• Cameras
• Silverware
• Musical instruments
• Fine art
• Stamp or coin collections
• Golfing equipment
• Bicycles 
• Guns
• Computers
• Antiques and collectibles

When you schedule these items, you can insure them for their full value so you get proper reimbursement if they are lost, stolen, or damaged by covered events.

What belongings do not need to be scheduled?

Most everyday belongings don’t need to be scheduled because the standard personal property portion of your homeowners or renters policy provides enough coverage. Items like clothing, furniture, books, kitchenware, basic electronics, and home decor usually fall well within your policy’s personal belongings limits and aren’t subject to unusually low sublimits.

You also typically don’t need to schedule items that are easy to replace and wouldn’t cause a major financial setback if damaged or stolen (like a basic TV). Scheduling is generally for items that are both high value and limited under a standard policy.

What are the benefits of scheduling your property?

In addition to providing higher limits, scheduled property coverage usually means:

• Broader coverage: Most personal property insurance only covers loss or damage caused by specific events (called perils), like fire or theft. But scheduling property often means your insurer will cover additional events, including accidental loss of the item.
• Replacement cost coverage: Standard policies typically pay out personal property claims on an actual cash value basis, which accounts for depreciation. For example, a TV purchased for $500 is worth significantly less a few years later. Scheduled property is usually covered on a replacement cost basis, which does not factor in depreciation. This means, in the event of a loss, your insurer would pay out what it costs to replace the item with a brand-new version of similar quality, regardless of its age, up to an agreed limit.
• No or low deductible: Most insurers do not require a deductible when you schedule property. Others may offer a deductible range from $0 to $2,500.

Scheduling items will increase the cost of your policy (called your premium) — but often, not by much. It is typically much more cost-effective than significantly raising the overall personal property limits for the entire policy. Also, you get wider protection, and not having a deductible can be a huge benefit when you need to file a claim.

Scheduled personal property coverage vs. blanket coverage

Scheduled personal property coverage and blanket coverage both offer extra protection for valuable belongings, but they work differently.

Scheduled coverage insures items individually. Each item is listed on your policy with a specific value, and associated claims are paid up to that amount. This option usually provides the broadest protection and may not require a deductible, depending on your insurer.

Blanket coverage, on the other hand, groups similar items together under a single increased limit. For example, instead of listing each piece of jewelry, you might insure all qualifying jewelry under one total dollar amount. Blanket coverage is usually easier to set up and may not require appraisals for every item. But you’ll probably pay a deductible, and it may have more limitations than scheduling.

You might choose scheduled coverage if you own very high-value or one-of-a-kind items and want precise coverage. Blanket coverage can make more sense if you have several moderately valuable items and want higher limits without the paperwork of scheduling each one. 

The right choice depends on the value of your belongings, your ability to get the required documentation for scheduling items, and the level of risk you’re comfortable with.

3 tips for scheduling your personal property

Scheduling property isn’t difficult, but you usually need to do a little legwork before you can add the coverage. For example, you may want to:

• Take stock of your property. Do a home inventory to determine what you have, how much it’s worth, and whether you can afford to replace it.
• Get an appraisal. Most insurers require evidence of your property’s value to schedule it. If your most recent appraisal is over three years old, you might need a new one.
• Ask about limits. Your insurer may have limits for scheduled property. This doesn’t mean you are out of luck if your property exceeds the limit, but you may need separate coverage for these items.