Scheduled personal property coverage, often called a “floater,” insures specific valuable items, such as an engagement ring, a camera or a watch, for an agreed value, usually with broader protection than your regular renters coverage. You add it to your renters policy for an extra premium.
Why you might need it
Standard renters policies cap payouts for certain categories of belongings, especially for theft. Jewelry, watches and furs, for example, often have a theft limit of a few thousand dollars or less. If your ring is worth $6,000 and your policy caps jewelry theft at $1,500, you’d be well short without scheduled coverage.
What scheduling usually adds
- Coverage up to the item’s appraised or agreed value, not the category cap
- Broader protection, often including accidental loss, like a ring slipping off at the beach or a diamond falling out of its setting, which regular coverage typically excludes
- Often no deductible, or a separate low one, depending on the insurer
Items people commonly schedule
- Engagement rings and other fine jewelry
- Watches
- Cameras and lenses
- Musical instruments
- Fine art and collectibles
- High-end bikes
How to schedule an item
- Get a recent appraisal or a receipt showing the value.
- Ask your insurer to add the item to your policy with that value.
- Update the value every few years, since prices change.
Related: personal property coverage and its special limits.
More terms explained: the renters insurance glossary.
New to this? Start with What is renters insurance?
This site offers general information, not insurance or legal advice. Coverage, prices and rules vary by insurer, policy and state, so always read your own policy and ask your insurer or agent about your situation.