Scheduled personal property endorsement
Also known as: personal articles floater, scheduled property endorsement
A scheduled personal property endorsement adds itemized coverage to a homeowners policy for high-value belongings like jewelry, art, and instruments. Each listed item is insured for a stated value, bypassing the base policy's special dollar limits.
A scheduled personal property endorsement is an add-on to a homeowners or renters policy that individually lists — or "schedules" — specific valuable items and insures each one for a stated amount. Common scheduled categories include jewelry, furs, cameras, musical instruments, silverware, golf equipment, fine art, stamps, and coin collections.
The endorsement exists because base homeowners policies impose special limits on certain categories of personal property, particularly for theft. A policy might cap theft coverage for jewelry at a modest amount, so a $12,000 engagement ring would be badly underinsured after a burglary. Scheduling the ring insures it for its full appraised value, and the insurer typically requires an appraisal or receipt to set that value.
Scheduled coverage is usually broader as well as bigger. Scheduled items are commonly covered on an open perils basis — including accidental loss and mysterious disappearance, such as a stone falling out of a ring's setting — and often with no deductible. That combination of full value, broader perils, and no deductible is what distinguishes scheduled coverage from the unscheduled personal property coverage in the base policy.
Property insurance licensing exams test how endorsements modify a standard policy and when scheduling is appropriate. Achievable's property insurance course covers this in its endorsements and scheduled property material — know why special limits make scheduling necessary and how scheduled coverage differs from the base policy's blanket personal property protection.
Key takeaways
- The endorsement individually lists high-value items and insures each for a stated, usually appraised, value.
- It solves the problem of special dollar limits on categories like jewelry, furs, and silverware in base policies.
- Scheduled items typically get open perils coverage, often including mysterious disappearance, with no deductible.
- Insurers generally require an appraisal or receipt to establish each item's insured value.
- Property insurance licensing exams test endorsements and scheduled property coverage.