When Should I “Schedule” Items On My Homeowner Policy?
When it comes to insuring valuable pieces of personal property such as jewelry, artwork, guns, or collectables, you may need more coverage than what your standard homeowner policy provides. Most homeowner policies provide some limited coverage for these items, but there is a specified amount of coverage per item (which is usually fairly low) and the policy will typically cover those items for the peril of theft only. There is no coverage at all for loss or damage.
If you would like to insure these types of items for their actual value, you will need to list them on your homeowner policy and pay and additional premium. This can be done by scheduling the items individually, which is called “scheduled personal property”, or it can be done on a “blanket” basis which means you insure those items as a group and list one coverage amount for all the pieces combined. To schedule items on your policy, you will need to provide the insurance company with a detailed item description and you may be required to furnish a photo and an appraisal to support the value that you are claiming for the item. Aside from your “valuables and collectibles”, most all other personal property (furniture, electronics, appliances, etc…) will be automatically covered under and up to your personal property limit.
The types of items that are typically “scheduled” on a homeowner policy are: expensive jewelry, antiques, artwork, furs, guns, and collectibles. It is up to you as the property owner to determine how you want these items to be protected. Check with your agent to verify what items you may need to add additional coverage.