Scheduled personal property coverage: What it covers and how it works

What is scheduled personal property coverage?

Scheduled personal property coverage is an endorsement or standalone floater that lists a valuable item separately on your homeowners, renters, or condo policy and assigns it a specific coverage amount. It is used for jewelry, fine art, collectibles, and other expensive belongings that have lower special limits under standard personal property coverage. 

“Scheduled personal property is an additional coverage that may be endorsed on a homeowners insurance policy. It provides coverage for valuable items that may exceed the standard limits covered under the basic personal property coverage on a homeowners policy,” McKenzie says.

This endorsement is used for items exceeding the personal property limits on a homeowners policy. Those limits usually range from $1,500 to $2,500, and apply to certain categories of property.

While personal property coverage on homeowners insurance doesn’t cover an item if you lose it, a scheduled personal property endorsement does. It usually has no deductible.

It’s important to note the difference between a scheduled personal property endorsement and a scheduled property floater. Both provide the same type of protection for scheduled items. However, a floater is a standalone policy separate from your home insurance. 

What type of property does a personal property floater cover?

Personal property endorsements and floaters are commonly used to cover jewelry, but can be used for art, collectibles and anything else that falls under special limits on homeowners insurance or needs additional protection.

Examples of items that can be insured this way are:

• Engagement and wedding rings
• Necklaces, bracelets and other high-value jewelry
• Fine art paintings, sculptures and other art pieces
• Antiques and heirlooms
• High-value or rare musical instruments
• Autographed items or other collectibles
• Cameras

Insurers decide what qualifies, and they’ll also tell you what proof you need, such as receipts, photos, or an appraisal. If you own something expensive, fragile, or difficult to replace, it’s worth asking your insurer whether you can add it to a floater or schedule it for extra protection 

Who needs a scheduled personal property endorsement?

You should consider scheduled personal property coverage when you own an item that is worth more than what your standard policy will pay for that category or when you want broader protection against loss or damage. Jewelry, art, and collectibles are common examples.

“Homeowners who may own high-valued items such as jewelry, guns, antiques, musical equipment, collections, etc. should look into their homeowners policy to gauge exactly what their policy coverage and limits are. If any items exceed the value and limitations on the standard home policy, this scheduled personal property endorsement may be beneficial to adequately cover their belongings,” McKenzie says.

For example, a $10,000 engagement ring is worth more than your standard policy pays for jewelry theft. Scheduling the ring covers it for its full value, rather than the lower standard limit. 

How much does scheduled personal property coverage cost?

The cost of scheduled personal property coverage depends on the item, its insured value, your location, and the insurer. As a benchmark, Jewelers Mutual says specialized jewelry insurance often costs about 1% to 2% of the jewelry’s value each year. A $10,000 ring could therefore cost about $100 to $200 annually. 

Rates vary by company, so ask your insurance representative for a quote on your particular item. If you’re buying a standalone floater, shop around and compare rates.

How to schedule personal property

To schedule personal property, start by checking your policy’s special limits. Then document the item and ask your insurer what it requires. An appraisal is often needed for expensive items, but some insurers may accept a recent receipt or other proof of value. Once approved, the item and coverage amount are added to your policy.

Follow these steps:

• Get the item appraised. Your insurance company will require a professional appraisal to determine the item's value.
• Provide the appraisal to the insurance company. Your agent or representative will review it and provide a quote for the coverage.
• Pay the premium. If you’re good with the quoted amount, pay the premium to start coverage.

“Homeowners must individually list, or schedule, their items on the policy with a description and appraisal. Most insurance companies will require an appraisal to be submitted in order to verify their value,” McKenzie says.

Scheduled personal property vs. blanket insurance

Scheduled personal property covers a specific item for its appraised value. Blanket insurance, however, groups your valuables and sets an overall limit for all items covered by the policy. 

For example, say you have:

• One ring worth $30,000
• Other jewelry worth $15,000
• $25,000 in blanket jewelry coverage

If all the jewelry is stolen, the $25,000 blanket limit would not cover the full $45,000 value.

Instead, you could schedule the $30,000 ring separately and use blanket coverage for the rest of the jewelry.

Blanket policies can also place a maximum amount on any single item. Check both the total limit and the per-item limit before choosing this option.

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