Scheduled property

The term personal properties applies to items that you own or use, regardless of the item’s location. However, most people are shocked to discover that their homeowners' insurance policy will only cover their new wedding ring for $1,500 or cover only $200 of that emergency money stash kept under their mattress. Nor does your homeowner’s insurance policy completely insure personal property when it is away from the home. 

For personal property, there are numerous limitations in a standard homeowner’s policy. Scheduled Property (Inland Marine) insurance is designed to cover property with special values (silverware, art, or coin collections) or that moves frequently from one location to another (jewelry, firearms, certain electronic equipment). 

Although many of the items insured under a scheduled property policy can also be insured under a homeowner’s insurance policy, under a standard homeowners' insurance policy they are often subject to the coverage limitations that we have discussed above. Furthermore, unlike a standard homeowners' insurance policy, schedule property (inland marine) insurance policies are normally written to insure property anywhere in the world. Likewise, under scheduled property (inland marine) policy your personal property can be insured at its true replacement cost and against a larger variety of causes of loss.