Scheduled Personal Articles Insurance Coverage
The personal property coverage on your homeowners insurance policy is designed to protect the belongings you work so hard for. But to truly benefit from the protection of your insurance, it’s important to understand exactly what your coverage offers and the instances where additional coverage can provide greater protection for your more valuable items.
That’s where scheduled personal property may help.
What Is a Scheduled Personal Property Policy?
Your home insurance policy provides coverage for your personal property, but there are limits on certain types of property. Scheduled personal property (or itemized personal property) is an optional coverage you can add to your home insurance policy that not only provides more coverage for your higher valued items, but also for a greater number of risks than already listed on your policy.
Scheduling your personal property is especially beneficial for specific categories that have a coverage limit. For example, your jewelry is covered up to a set dollar amount where, in the event of a loss, your insurance company will pay no more than that amount. So if the coverage limit on your policy is $2,000 for all of your jewelry, but the total value of your jewelry is above that amount, you can choose to schedule or itemize individual jewelry items.
The value of your personal property adds up quicker than you may think. Ensure your coverage limit is adequate for your needs by creating a room-by-room inventory of your belongings. This will help you determine if you need more coverage for your personal property.
What Personal Items Can Be Covered Under a Scheduled Insurance Policy?
Commonly scheduled, or itemized, personal property include the following categories:
- Jewelry
- Collectibles
- Antiques
- Musical instruments
- Firearms
- Cameras
- Art
- Medical devices
- Bicycles
- Golf equipment
- Furs
- Computer equipment
- Many more!
What Kind of Items are Excluded Under a Scheduled Insurance Policy?
Although scheduling items does give them broader coverage, there are still some exclusions that apply to scheduled personal property. Property that’s damaged by normal wear and tear isn’t covered, nor is loss caused by rust or corrosion. Check with your agent for more info.
Benefits of Scheduled Personal Property Coverage
Apart from the peace of mind you’ll have knowing your important, valuable items are properly covered, scheduling your personal property benefits you in a variety of ways:
Low or No Deductible
If you choose to schedule your personal property, you have the option to select a lower deductible or no deductible. This typically isn’t an option with the personal property coverage on your standard policy.
Broader Coverage
Arguably the most attractive feature of scheduling your personal property is the greater range of covered perils. Not only are you getting more coverage for your valuable items, but you’re also covered on an open-perils basis. This means that all direct physical losses to your property are covered except for those specifically excluded by the policy. For example, losing an item is covered when the item is scheduled. Without scheduling the item, it wouldn’t be.
Replacement Cost
When you schedule your personal property, we’ll pay the replacement cost in the event of a loss. In other words, we’ll pay the cost to repair or replace your personal property with an item of like kind and quality — without deduction for depreciation.
Request a Scheduled Personal Property Quote
Ready to make sure your specific coverage needs are met? Get started building your customized coverage by connecting with your American Family agent.
Some coverages may not be available in your state or on your specific policy form. Please speak with your agent to learn more about your coverage options.