Why Should I Schedule Contents?

Adam Murray
Written on November 20, 2017

The most overlooked aspect of insurance is scheduling property on a homeowners or renters policy. Many people don’t know why they need to schedule contents. Or, even worse, they don’t know what to schedule. Hopefully, this article will help serve as a guide.

There are generally 3 major reasons to schedule your property:

  • Eliminate Sub-limits
  • Enhance Protection
  • Erase Your Deductible

Eliminate Sub-limits

Most homeowner’s policies cover your contents anywhere in the world. However, most people are not aware that those same policies often have sub-limits for high-value items. Your $4,000 engagement ring may be limited to $1,500 when a claim occurs. Or, your $3,000 guitar may be limited to $1,000. A good way to eliminate those sub-limits is to schedule your high-value items on your homeowner’s policy to make sure you receive the full settlement amount.

Even if only a part of a set is damaged or lost, if you schedule your contents, you are covered for the whole set. Consider a pair of earrings that are hard to replace. They might be worth very little on their own, but have value as a set. If you lose an earring, scheduling your earrings will ensure that you receive a compensation for the set value.

Enhance Protection

Scheduling your property also broadens your coverage.  If an item is, “loss or misplaced,” Homeowner’s policies will exclude coverage. What happens if the diamond falls out of your wedding ring and disappears? Under your general homeowner’s policy, this would come out of your pocket. Scheduling your contents though broadens your coverage to include these exposures.

Erase Your Deductible

Scheduling your items also eliminates your deductible. Generally speaking, if your high-value property were stolen or destroyed, it would be subject to your deductible. However, scheduling your cherished property ensures that you receive a full settlement, without it being subject to a deductible.

So, for any of you planning to buy the perfect gift this holiday season, remember the three “E’s” of scheduling your property: Eliminate Sub-Limits, Enhance Protection, and Erase Your Deductible. Provide top-notch protection for a moderate fee, and ensure your gifts arrive safely right under the tree.