How to Protect Your Gifts with Scheduled Personal Property Coverage

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Be prepared this holiday season and protect your valuable gifts and big-ticket items. You may be thinking, But I just got these, or I haven’t even used them yet. At KW Insurance, we are always thinking one step ahead. Sure, you just got that fancy, new set of golf clubs, but that won’t matter if you have a break-in or fire in your home. Whether it is a pair of diamond earrings or that Patek Philippe timepiece you’ve finally added to your collection, investing in Scheduled Personal Property Coverage to your homeowners, condo, or renters policy could protect the things you love most in the event of a claim.

What is Scheduled Personal Property Coverage?

In insurance terms, personal property refers to your belongings inside your home, such as your furniture, appliances, decorations, etc. Your homeowners, condo, or renters policy will cover damages to your belongings up to a certain limit—you choose this limit with the help of a professional agent when you first purchase your policy.

Many big-ticket items like your diamond jewelry, coin collection your grandfather has been building for you or fine arts have category limits that are not included in your policy’s general property limit. You may want to add an additional level of insurance called Scheduled Personal Property Coverage for these items. In the event of a claim, having this extra protection will ensure that those special and valuable items are covered beyond the category limit so that the item can be replaced in full or you can receive cash value to purchase an item of equal value.

This extra coverage will also protect against a larger variety of perils such as mysterious disappearance. For example, when the diamond falls out of its setting and you don’t realize it until it’s long gone—that’s when Scheduled Personal Property Coverage would come in handy. Ask one of our trusted agents about scheduling your personal property today; our team specializes in personal insurance coverage and can walk you through the details so you can make an informed decision.

What Types of Personal Property May Need Extra Insurance Coverage?

  • Jewelry
  • Furs
  • Fine arts
  • Antiques
  • Stamp and coin collections
  • Firearms
  • Musical instruments
  • Cameras
  • Bicycles
  • Silverware
  • Golf equipment

It is important to keep up-to-date appraisals on your Scheduled Personal Property to keep up with ever-changing prices and values. That wedding ring you bought your wife 25 years ago, probably has a different value today. If you don’t update the coverage on your policy every three to five years, you could be under-insuring your belongings. In the event of a claim, that means your items may not be fully covered.

How Do I Keep Track of My Belongings?

Adding Scheduled Personal Property Coverage is a great way to start keeping track of your valuables, however KW Says you should always keep an ongoing list of all your personal belongings, not just when you get them at holiday-time. We recommend using the Insurance Information Institute’s free Home Inventory App; it’s easy to export lists in the event of an emergency, plus you can sync the app across multiple devices. That way you have access to your home inventory no matter where you are. How convenient is that?

If apps aren’t your thing, you can always take photos of or film your belongings making sure to capture serial numbers and any receipts in the images or video. The more details you have about each item, the easier it will be if it comes time to file a claim. We feel it’s wise to store this video or list somewhere outside of your home to protect it from perils, such as a fire or flood. KW Insurance recommends having a copy of the video or photos on cloud storage (like a Google Drive or Microsoft OneDrive, both free) so you can access them from anywhere. You can also keep a copy on a thumb drive or external hard drive, and store it outside of your home in places like at a relative’s house, at work, or in a bank safety deposit box. Bottom line, making an inventory of personal property is helpful only if you can access it when you need it.


Want to learn more about scheduled personal property coverage? KW can help! Give us a call today: 781.751.9080 (Dedham Office) or 617.492.4150 (Cambridge Office). We’re here to help you protect the things you care about most!