Scheduled personal property coverage is an endorsement you can add to your home insurance. People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy.
Standard home insurance usually places limits on how much the insurance company pays out for specific types of property. These limits are listed by category under Coverage C in your policy.
For example, Kin's standard policies typically have coverage caps for things like watercraft, jewelry, furs, firearms, silverware, and electronics. If you want extra coverage beyond what the standard Coverage C can offer, you'll need to schedule these items.
Most of the time, the standard limits may be enough to cover your belongings. But when you have high-value items, like electronics or jewelry, those limits may not be enough to fully insure these possessions.
If you have the following types of personal belongings, it’s probably a good sign that you should schedule those items:
When you schedule these items, you can insure them for their full value so you get proper reimbursement when they are lost, stolen, or damaged by covered events.
As the policyholder, you determine which items you want to schedule and get them appraised. Your agent will help you decide how much coverage they need based on the appraisal. These items are then listed in your home insurance policy along with the amount of coverage each gets.
One of the primary benefits of scheduling your property is that it both increases your coverage limits for that item and protects it against more causes of physical loss or damage than your standard Coverage C.
Scheduled property is insured beyond the "all-perils," meaning whatever event causes a physical loss is covered except for incidents specifically named and excluded. For Kin, that means your scheduled item is covered for most loss events EXCEPT:
There are also some exclusions specific to the type of item. For example, if you schedule an original painting that is destroyed during the restoration or retouching process, that isn’t covered. Similarly, for rare stamps, creases, dents, and tears aren’t covered.
But here’s the major perk: "Mysterious disappearance" (basically losing or misplacing a scheduled item) is covered.
In addition to providing higher limits, scheduled property coverage usually means:
Scheduling personal property can increase your premium slightly, but it’s typically more affordable than dramatically increasing your overall personal property limits. Plus, these benefits are especially handy when you need to make a claim.
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:
Scheduling may be the right call for your high-value items. Talk to a Kin insurance agent to learn more.
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