Insufficient insurance limits and failure to use available coverage options are ongoing problems involving personal property (Coverage C) as well as dwelling property (Coverage A).

These problems can be minimized by periodically reviewing individual accounts and current exposures. Any deficiencies can be remedied by making coverage adjustments such as increasing insurance limits and, when appropriate, using coverage options. Examples are making the replacement cost option effective under Coverage C and complying with stricter building codes under Coverage A.

Scheduling items of exceptional value rounds out a sound insurance program. Overlooking that option can result in unhappy insureds in the event of a loss. Because many clients are not familiar with the coverage limitations, they should be able to rely on explanation and guidance from their insurance provider. Exposures connected with valuable items are addressed by scheduling specified property for its full value with coverage that also indemnifies for all perils, with a few reasonable exceptions.

The scheduling process begins with the "special limits" enumerated in homeowners forms for specific classes of valuable personal property. The limitations are sub-limits within the personal property insurance amount that appears in the policy declarations, not in addition to it. They apply to the total of like objects involved in a loss, not separately to each object.

Special limits under Coverage C are similar in most homeowners forms, including ISO and AAIS forms. Nevertheless, it is advisable to check the specific form used when discussing the subject with an insured. In general, the classes of valuable property that should not be overlooked and special limits to which they are subject include:

* $200 or $250 sub-limit for: money; bank notes; bullion; gold other than goldware and gold-plated ware; silver other than silverware and silver-plated ware; platinum; and numismatic property, including coins and medals.

* $1,500 sub-limit for: securities; stamps; tickets; letters of credit; notes other than bank notes; personal records; accounts; deeds; evidence of debt; passports; manuscripts; watercraft including trailers and equipment; trailers not used with watercraft; and electronic devices operated from electrical systems of motorized vehicles or watercraft, or used for business purposes away from an insured premises.

* $1,500 or $2,500 sub-limit for loss by theft of jewelry, watches, furs, and precious and semi-precious stones.

Insurance limits are minimal for "special limits" categories under unscheduled personal property coverage (C) of homeowners policies, and coverage is confined to named perils. Scheduling provides coverage on specified valuable items for their full value (established by bills of sale and appraisals), and for loss from any cause except for a few reasonable exclusions.

Scheduled personal property endorsements designed for attachment to homeowners policies provide coverage for one or more of the following classes of personal property, subject to underwriting guidelines of individual insurers:

* jewelry, as scheduled

* furs and garments trimmed with fur, or consisting principally of fur, as scheduled

* cameras, projection machines, film and related articles of equipment, as listed

* musical instruments and related articles of equipment, not used professionally

* silverware, silver-plated ware, goldware, gold-plated ware and pewter ware (not including pens, pencils, flasks, smoking implements or jewelry)

* golfer's equipment (meaning golf clubs, golf clothing and related equipment)

* fine arts, as scheduled

* stamps and other philatelic property

* coins and other numismatic property

A separate personal articles floater policy may be used to schedule valuable personal property in lieu of an endorsement attached to a homeowners policy. This procedure is preferred by some insurers and is a viable alternative when the primary insurer will not cover certain items for underwriting reasons.

A major benefit of scheduling is that it provides appropriate limits of insurance for property that is subject to special limits under basic homeowners policy coverage. Another benefit is that it covers valuable items of personal property for any cause of loss except as specifically excluded. It covers property wherever it is taken by the insured, including, for example, on vacation abroad.

Periodically reviewing personal accounts will minimize the likelihood of underinsurance arising from outdated appraisals and inadequate limits of insurance. Such a review also will reveal recent purchases of additional objects that warrant scheduling and to which automatic coverage (in many scheduled property endorsements and forms) would not apply after the renewal date. They must be listed.

Discussing the special limits and the scheduling option contributes greatly to a sound personal insurance program. An insured should not learn, after a major loss, that his or her insurance advisor and provider overlooked important needs!