What listed property and “scheduled property” are and how they work with home insurance

Your standard home insurance policy will include coverage for your listed personal property.

This coverage protects you against the loss of your belongings due to things like:

  1. Fire or smoke damage
  2. Water damage
  3. Theft
  4. Wind damage
  5. Damage from another

It’s important to know what your policy limits are for each category of item, in case one or two items exceed that limit.

Your insurance broker can discuss your policy’s limits with you to figure out if or where you might need additional coverage for specific contents policies. For example, these kinds of items can all be covered under your home policy, but there may be payout limits on each one:

  1. High-end cameras
  2. Jewelry
  3. Watches
  4. Bicycles

If one of your items like that exceeds the payout value for that category of contents, then you can’t rely on a regular home policy to replace it if you ever need to file a claim for it.

What is scheduling listed personal property?

When the standard limits for your important belongings are not sufficient, it may be a good idea to consider “scheduling” an item on your insurance policy. By doing so, you’re paying an additional premium in order to insure the particular item up to its value actual value above the standard limit.

For example, let’s say that you have an engagement ring that’s valued at $10,000 and your home insurance policy provides coverage up to $4,000 as a standard limit. If you were to schedule this engagement ring, you would be entitled to claim for it’s full value at $10,000—an extra $6,000 in coverage for that particular item above and beyond the rest of your belongings.

That’s just an example for scheduled jewelry insurance, but it can apply to other items as well. The same goes for:

  1. Athletes with racing bikes or high-end gear
  2. Families with precious heirloom
  3. Gamers with customized PCs or entertainment systems
  4. Super fans with (nearly) priceless collections

The 3 benefits to scheduling listed personal property

Scheduling specific items makes sense when their value clearly exceeds:

  1. Your policy’s normal payout value
  2. The value of your other contents

It may be worth scheduling the item if it holds sentimental value as well. Think about how to protect yourself financially with these three benefits on your prized possessions.

Avoiding sub-limits

Certain categories of personal valuables like jewelry usually have a “sub-limit.” Just like in the example above, your jewelry limit could be $4,000.00. Any loss of jewelry over that limit would not be covered unless it’s scheduled onto the policy. The things that matter the most to you will be covered in their full value, giving you peace of mind.

No deductible on covered property

If there is a claim on an item that is scheduled on your policy, you’re usually not required to pay a deductible on that item. That’s important to consider when you think about the financial value of your belongings. Double-check with your insurance company regardless, and be sure to ask about this when scheduling any listed personal property.

Agreed value

Avoid the debate of how much your valuable is worth by scheduling the limit with proof of a recent receipt or a professional appraisal. Having this information on record before any kind of damage occurs will work wonders for a speedy claims process.

Not sure which belongings should be scheduled? Give your insurance broker a call to discuss what’s worth scheduling. They’ll be able to provide you with everything you need to know!

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