Definition - What does Scheduled Policy mean?
A scheduled policy is an insurance policy that lists specific items that will be covered by the insurer. Scheduled property is often included as a supplement to a primary insurance policy.
Scheduled insurance policies are an alternative to unscheduled policies, which provide coverage up to a certain limit for a wide variety of items.
Insuranceopedia explains Scheduled Policy
Many people choose to get scheduled policies to make sure that they have all the coverage they need. For example, a standard homeowner's policy may provide $500,000 worth of unscheduled coverage. However, if the policyholder has jewelry worth $100,000 in her house, she may choose to get a supplementary scheduled policy that specifically covers the jewelry. So, essentially, scheduled policies ensure that certain items are covered, which is important for those who own rare, expensive, or luxury items.
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