What is it?
Scheduled personal property (SPP) insurance is an easy way to protect your personal valuable items. Your standard homeowner’s policy provides coverage for these types of items, but there is always a cap, called a sublimit, that reduces coverage for specific items below the overall limit of personal property coverage.
Scheduled personal property can be added to your homeowner’s or rental policy as an endorsement. It will help protect your personal or business items not covered under your regular policy due to the risk potential being too great.
Why get it?
Universal Coverage: Most of these types of policies will cover your items anywhere in the world. If your wife loses her engagement ring while abroad; you can recover the cash value if it is listed in your SSP coverage. All item declarations must be made prior to any claim. Make sure all of your valuables are on your policy; and if you receive or purchase a new item, make sure to add it to your policy immediately.
SPP will cover just about anything, except in rare cases where the item is a one of kind and can not be replaced.
Here is a list of common items that may require SPP coverage:
Jewelry: wedding rings, pendants, bracelets, watches, precious and semi- precious stones.
Furs: real fur garments and garments that are trimmed with real fur.
Cameras: digital, still, movie, video and equipment.
Musical Instruments: professional and non-professional
Silverware: silverware, antique silverware and gold ware
Fine Arts: paintings, etchings, vases and sculptures
Manuscripts: books and letters
Sports Equipment: golf clubs, workout equipment and other pricey items
Collectibles: coins and stamps
Tools: Hand and power tools
This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.