Why standard coverage may fall short
Your homeowners or renters policy covers your belongings, but many policies set lower limits for certain kinds of property. These special limits often apply to jewelry, watches, furs, art, firearms, collectibles and silverware, and some apply only to theft. If a valuable item is stolen, the policy may pay only up to that category limit, no matter what the item was worth. Your policy lists its limits in the personal property section.
How scheduling works
Scheduling, sometimes called a floater or rider, adds a specific item to your policy for a stated value. You describe the item and provide proof of its value. The carrier then covers it separately from your general personal property coverage, up to the scheduled amount.
Items people often schedule
- Engagement rings, jewelry and watches
- Fine art and antiques
- Coins, stamps and other collectibles
- Musical instruments
- Cameras and high-end electronics
- Bikes, golf clubs and other sports gear of high value
What scheduled coverage often adds
Terms vary by carrier, but scheduled items often get broader protection than the rest of your belongings.
- Coverage up to the scheduled value instead of a category limit
- A low or no deductible on many policies
- Coverage for accidental loss or mysterious disappearance, such as a ring that slips off
- Coverage when you travel with the item
What you'll need
Carriers usually ask for proof of value for each item. That's often a recent appraisal from a qualified appraiser, or a receipt for a newer purchase. Photos, serial numbers and certificates, such as a diamond grading report, help too. Keep copies somewhere outside your home.
Keep values up to date
The value of jewelry, metals and collectibles can change. If an item is worth more than its scheduled amount, you may be underinsured. Many people get updated appraisals a few years apart, or after a big change in market prices. Ask your agent what your carrier recommends.
Is it worth it?
Scheduling adds to your premium, so it makes the most sense for items that would be hard to replace out of pocket. Compare the item's value with your policy's category limit. If the gap is large, scheduling is often worth a quote.
