A question I have been asked is, what about the welder in my shop or my tractor – are they covered? So how does scheduled property on a home or farm policy work? This can vary between carrier and policy but generally larger value items such as a welder or high valued item of jewelry will need scheduled individually to keep them properly covered.
Scheduled property is also listed on a replacement cost basis. That way, items of higher value can be replaced in the event of a specific loss, opposed to a total loss. Also, most carriers do not require a deductible for items scheduled individually. Most home polices will allow items like jewelry, furs, electronics, and guns to be scheduled for this coverage. Make sure to get a quote that includes scheduled property.
Most farm or hobby farm policies give you the ability to schedule more personal property than most standard home policies. Farm and hobby farm policies will usually allow other items such as welders, saddles, and even trailers in addition to the standard jewelry, electronics, and guns.