I know what is a property, sale deed, gift deed and more but had no idea about scheduled property. I asked my father what is scheduled property meaning and he explained that it is a supplemental insurance policy that extends coverage beyond the standard protection that is stated in a homeowner’s policy. By this policy, owners can ensure full coverage of expensive items like that of jewellery where there happens to be a claim.
Standard policies do not cover all types of property and have limitations on the value amount the insurance company will pay for specific losses. But in scheduled property, the policy holders get things like watches, tones, jewelleries and more as coverage.
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Major aspects of Scheduled propertyScheduled property is an additional insurance policy that can be added to your homeowner’s insurance policy.
It covers an individual for greater risks than homeowner’s insurance policy
It may increase the coverage limits on expensive items or other select collectibles
The items listed in the document owned by you gives you the right to be legally liable to them.
What items usually fall under scheduled property?Mostly jewellery comes under scheduled property apart from it, other items also listed are:
Arts and antiques
Stamp or coin collections
Firearms
Musical instruments
Other assets
It is a very good policy to be on the safe side. I hope now you have an idea about what is a scheduled property meaning and can deal with it if needed.
Read More:
What Is Scheduled Commercial Bank?
How To Do Physical Verification Of Fixed Assets?
What Do You Mean By Non Performing Assets?
What Is Scheduled Property?
Aadarsh
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2022-06-13T09:58:02+00:00 2022-06-13T09:58:04+00:00Comment
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