Scheduled Policy

What Does Scheduled Policy Mean?

A scheduled policy is an insurance policy that lists specific items covered by the insurer. Scheduled property is often added as a supplement to a primary insurance policy.

Scheduled insurance policies serve as an alternative to unscheduled policies, which offer coverage up to a certain limit for a wide range of items.

Insuranceopedia Explains Scheduled Policy

Many people opt for scheduled policies to ensure they have adequate coverage for their valuable possessions. For instance, a standard homeowner’s policy might provide $500,000 in unscheduled coverage. However, if the policyholder owns jewelry valued at $100,000, they may choose to purchase a supplementary scheduled policy specifically to cover the jewelry. Schedules of this kind are usually written as an attachment to the main policy, often called a personal property floater, with each item listed individually along with its appraised value. Documenting what you own beforehand makes the process easier, so most insurers recommend keeping a home inventory with photos and current appraisals for higher-value items. Essentially, scheduled policies guarantee coverage for specific items, making them crucial for individuals who own rare, expensive, or luxury items. How willing an insurer is to schedule items, and at what limits, is one factor worth checking when comparing the best homeowners insurance companies.