A homeowners policy covers personal property, but it places special sub-limits on certain high-value categories. A client with a $12,000 engagement ring may be shocked to learn the policy caps jewelry theft at something like $1,500. The fix is to schedule those items.
What sub-limits look like
Typical homeowners policies cap coverage on categories such as:
- Jewelry and watches (especially for theft)
- Firearms
- Silverware and flatware
- Fine art, collectibles, and furs
These caps apply even though your overall contents limit is much higher.
What scheduling adds
Scheduling — adding an itemized endorsement, sometimes called a personal articles floater — upgrades coverage on those specific items:
- Full agreed value for each scheduled item, usually based on a recent appraisal or receipt
- Broader perils — coverage for accidental loss and damage, not just the limited named perils
- Mysterious disappearance — covers items that simply go missing, like a ring lost down a drain
- Often no deductible on scheduled items
Practical tips
Encourage clients to get appraisals for valuable pieces and update them periodically, since items like jewelry and art can appreciate. Scheduling is inexpensive relative to the value protected and removes the nasty surprise of a sub-limit at claim time.
Educational only — confirm against the actual policy and your carrier's guidelines.