Scheduled Personal Property
Definition:
An endorsement that provides higher coverage limits for valuable items.
Explanation:
Standard policies have low limits for jewelry, firearms, art, and collectibles. Scheduling these items ensures they’re insured for their appraised value.
Example:
If you own a $10,000 diamond ring, scheduling it on your policy guarantees full coverage in case of theft or loss.
Why it matters:
This term affects how claims are handled and what payout a homeowner may receive.