Scheduled personal property

Scheduled personal property is a list of specific valuables, each insured for its own amount, attached to a homeowners policy. The ISO endorsement is HO 04 61, the Scheduled Personal Property Endorsement, and insurers also sell similar floaters under their own names. Typical classes are jewelry, fine art, cameras, musical instruments, silverware, furs, stamps and coins.

Scheduling fixes two weaknesses in standard contents coverage. First, the base HO-3 (the 2011 ISO form, HO 00 03 05 11) caps theft losses at $1,500 for jewelry and watches and $2,500 for firearms and silverware, so, say, a $9,000 ring stolen pays $1,500. Second, standard contents coverage covers only named perils, so a diamond lost down a drain or an item that simply goes missing is not covered. Scheduled items are usually covered for accidental loss and disappearance as well, often without a deductible, though terms vary by insurer. ISO's newer 2022 forms raise the jewelry theft limit to $2,000 (as filed in North Carolina, effective June 1, 2027), but most policies in force still use the 2011 form or an insurer's own.

To schedule an item, expect to provide a receipt or recent appraisal and a photo. Values drift, so update appraisals every few years; a scheduled amount that falls behind the market leaves you underinsured on the very item you meant to protect. Ask how a loss will be settled, at the scheduled amount, the cost to replace, or the cost to repair. Read scheduling jewelry, art and valuables and special limits on jewelry, firearms, cash and collectibles, and test your own list with the valuables coverage checker.