A schedule in insurance lingo for list – they’re used to define various add-ons, exclusions, or clarifications in your policy (like extra coverage for your stuff, or protection against mold).
What’s an insurance schedule?
There are many types of insurance schedules, from additional people covered on your policy to types of windstorm damage your insurer can’t cover, and even coverage for different types of mold (seriously!).
Two of the most common types of schedules have to do with add-ons and exclusions to the basic renters or homeowners policy: scheduled personal property and canine liability exclusion.
The former refers to extra coverage for valuable items, and the latter refers to a list of breeds your insurer won’t be able to cover.
Why would you need to schedule personal property?
Most insurance companies have max amounts (referred to as limits of liability), that cap off how much coverage you’ll get for certain valuable items like bikes, cameras, or rings.
For these cases, there’s an endorsement, or add-on, for your stuff.
So say your policy has a cap of $1,000 in electronics coverage (meaning you’d get max $1K, minus your deductible, if your electronics were damaged or stolen), but you happen to have some stuff that’s more expensive. Time to schedule your stuff!
You can usually do it when getting a policy, but if you need to change it after the fact, you can usually do that online, over the phone, or through an app, depending on your company.
Scheduling valuable stuff like jewelry, bicycles, and expensive electronics is pretty common, especially because it comes with a few extra perks.
Damages and losses to scheduled personal property is almost always covered under replacement cost (rather than actual cash value), will be covered for a more comprehensive range of perils, and won’t usually include a deductible. Winning!
Scheduled exclusions or clarifications
A schedule doesn’t just apply to your stuff.
As we mentioned before, it’s essentially just a fancy word for a list. And schedules are also used when talking about exclusions or clarifications.
Windstorm deductibles and schedules
In New York state, renters and homeowners have something extra tacked onto their policy: a windstorm deductible. Since this isn’t standard to most renters or homeowners policies, the schedule lays out exactly how much your insurer will be on the hook in the event of a claim.
This example highlights how a schedule is used to clarify the insurer’s financial responsibility, if something were happen due to this specific instance.
Schedules are also used to list out stuff that’s excluded under your policy.
Coverage for your canine friends and schedules
On most insurance policies, there will be a list of dog breeds that are excluded from your personal liability coverage.
Dangerous breeds get a bad rap – and we know it’s not their fault! But currently, these dogs are a risk that most insurers just aren’t willing to take on.
The description of the canines in question can be found in a schedule at the end of your policy under the Canine Liability Exclusion Endorsement.