When scheduling an item onto a homeowner's insurance policy, you must provide a complete description and value of the item. In the event of a covered loss this information will be used to help settle your claim and ensure you receive an item of like kind and quality. Function
Although most homeowner's insurance policies provide coverage for personal property, some items are limited in their coverage amount. Personal property should be scheduled when the amount of insurance needed to cover an item exceeds the amount of insurance provided by the insurance company. Items to Schedule
Common items that you should scheduled include jewelry, cameras, furs, silverware, firearms, fine arts, postage stamps and other collectibles. Appraisals
Though lower-valued items may only require a receipt, you should obtain an appraisal to establish the replacement cost of any valuable scheduled items. The appraisal will help you settle any future claims you have regarding the scheduled item. You should also review, photograph and update your valuable items on a regular basis. Premium
A small premium applies for scheduled items. The price varies based on the amount of coverage and the type of item being scheduled. Deductible
When scheduling an item onto a homeowner's policy, no deductible applies unless specified in your policy. Coverages
Scheduling an item provides additional protection for your valuables. Coverage is no longer restricted by the policy limit, and when scheduled items are insured against risks of direct loss, including breakage and mysterious disappearance.
By Amanda Sykora at LiveStrong.com