Scheduled Personal Property

AAA

DEFINITION of 'Scheduled Personal Property'

Additional coverage that's over and above the typical coverage in a homeowners' insurance policy. Scheduled personal property protects valuable items that are out of the ordinary and need to carry separate coverage to ensure that their full value is covered in the event of a claim. Each item that the insured wishes to schedule needs to be added separately to the insurance policy and generally an additional premium is charged.

INVESTOPEDIA EXPLAINS 'Scheduled Personal Property'

Examples of items that an insured should schedule are jewelry, art, musical instruments, furs, coin collections and other costly items that are out of the ordinary. Scheduling valuable items is different for each insurance company but most require either a receipt or appraisal value to be kept on file with the insurance company stating the value of each specific item.

RELATED TERMS
  1. Premium

    1. The total cost of an option. 2. The difference between the ...
  2. Personal Property

    A type of property which, in its most general definition, can ...
  3. Deductible

    1. The amount you have to pay out-of-pocket for expenses before ...
  4. Appraisal

    A valuation of property (ie. real estate, a business, an antique) ...
  5. Homeowners Insurance

    A form of property insurance designed to protect an individual's ...
  6. Finite Risk Insurance

    An insurance contract in which the insured provides a pool of ...
Related Articles
  1. Insurance

    Insurance Tips For Homeowners

    Use these simple ideas to save money and get better coverage for your house.
  2. Insurance

    Understanding Your Insurance Contract

    Learn how to read one of the most important documents you own.
  3. Home & Auto

    The Beginner's Guide To Homeowners' Insurance

    Discover everything new homeowners need to know before they sign on the dotted line.
  4. Home & Auto

    How An Insurance Company Determines Your Premiums

    Find out how insurers use credit history to build an insurance score and how it could affect your bottom line.
  5. Home & Auto

    6 Types Of Insurance Coverage You Didn't Think You Needed

    These different types of insurance coverage can be beneficial, but they're often overlooked and misunderstood.
  6. Home & Auto

    5 Myths About Homeowner's Insurance

    Many homeowners believe their policies will cover them for any and all damages, but the reality can be an expensive surprise.
  7. Insurance

    What Happens If Your Insurance Company Goes Bankrupt?

    When insurance companies go bankrupt or face financial difficulty, it's bad news for policy holders.
  8. Insurance

    Which States Have the Cheapest Home Insurance?

    You can't choose where you live by its insurance rates. But if you did, these are the states to pick.
  9. Insurance

    How to Use a Waiver of Subrogation

    A waiver of subrogation means that a party to a contract waives the right to allow someone (usually an insurance company) to sue the other party to the contract in case of a loss.
  10. Insurance

    Insurance Myths Involve Houses, Cars & Big Crashes

    Any confusion over what to buy or how to use a product can end up being costly, but when it comes to insurance, misunderstandings can cost thousands.

You May Also Like

Hot Definitions
  1. Risk Averse

    A description of an investor who, when faced with two investments with a similar expected return (but different risks), will ...
  2. Fixed-Charge Coverage Ratio

    A ratio that indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases. It is calculated ...
  3. Efficiency Ratio

    Ratios that are typically used to analyze how well a company uses its assets and liabilities internally. Efficiency Ratios ...
  4. Fixed Cost

    A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses ...
  5. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  6. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
Trading Center