Scheduled Personal Property is that property that has some specific value that you wish to insure for. These items may be jewelry, as shown above, or they may be antiques with increasing values, furs, a stamp collection or some other articles that may have value beyond their original intended uses. There is an additional premium paid for the value of each item scheduled on the policy.
Scheduled Personal Property is listed individually in the policy and has a stated value specifically assigned to each item. This value is usually determined from an appraisal done by an expert in the business of the item insured such as a jeweler or antique dealer.
By scheduling an item on the policy your broaden the coverage in most instances to include things that may occur that would normally be excluded under the basic policy. An example of this would be the loss of a stone from its setting on an engagement ring. Under the homeowners policy this would not be covered, but if the ring were scheduled and a premium paid for the ring the loss of the stone would be covered.
In the area of antiques such as an antique desk, by scheduling an item with an appraisal, your loss will be covered for its appraised value. Under the homeowners policy the coverage would be limited to the value of a brand new desk, not its' value as an antique.
There may be limitations as to breakage on certain collectibles such as Hummels or collector plates, so check with your agent as to how your company handles such items.
Also, as the value of jewelry, antiques and collectibles may change dramatically over the years, be sure to have them reappraised every couple of years. When you schedule an item you are agreeing that the maximum value of the item is what is stated in the policy. If the value of an item has increased substantially since your last appraisal your loss will be limited to the amount stated in the policy.
Also, if the item scheduled can be replaced for less than the scheduled value, the insurance company will pay no more than the cost to replace the item regardless of the value stated on the appraisal.
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