Scheduled Coverage
Insurance coverage that lists specific items individually with predetermined coverage amounts for each item. This type of coverage is commonly used for valuable personal property like jewelry, art, or collectibles where each item is specifically identified and valued in the policy.
Example
“The couple added scheduled coverage to their homeowners policy for Jennifer's $15,000 engagement ring and Robert's $8,000 vintage guitar collection.”
Memory Tip
Think 'Specific Schedule' - each valuable item gets its own line on the schedule with its own specific coverage amount, like a detailed shopping list.
Why It Matters
Scheduled coverage ensures valuable items are fully protected at their actual worth, rather than being subject to standard policy limits that might be insufficient. Without it, expensive items may only be covered for a fraction of their value, leaving you financially vulnerable in case of loss.
Common Misconception
People often assume their homeowners or renters insurance automatically covers expensive items at full value. Standard policies typically have low limits for jewelry, art, and collectibles - often just $1,000-$2,500 total - regardless of the items' actual worth.
In Practice
Sarah owns a $10,000 vintage watch, but her standard homeowners policy only covers jewelry up to $1,500 total. If the watch is stolen, she'd only receive $1,500. However, with scheduled coverage listing the watch specifically for $10,000 (with a recent appraisal), she would receive the full $10,000 minus her deductible. The additional premium for scheduling the watch might only cost $50-100 annually.
Etymology
Derived from 'schedule' meaning an organized list or plan, combined with 'coverage' from the concept of providing protection or shelter over something.
Common Misspellings
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See Also
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