Posted in Finance, Accounting and Economics Terms, Total Reads: 167
Definition: Non Scheduled Personal Property
Non Scheduled Personal Property is an home insurance concept, where some household items are by default covered in the insurance policy of the home owner and are common things that are assume to be present with everyone and in every houses.
These are the things in the houses for which the insured does not have to give any receipt or anything to prove at the time of the loss. These are the normal furniture, clothes, small electronics like television. Non Scheduled property do not require any extra premium to be paid while insuring these items, as the insurance policy company understand such things are common to all the people and all the household. But this policy is not applicable while insuring a land.
It is different from Scheduled Personal Property as while covering for these items the insured have to pay extra premium. They are the expensive things kept in the house and these are not ordinary things. Before insuring these items, the insurance company wants a receipt of such items to record in their files. These items include the jewelry, any artistic painting, anything that is expensive. It is always better to schedule as much items for the insured.
The Non Scheduled personal property always face disputes at the time of loss as it is difficult to believe the number of items one have. Only limited amount of money is received in the Non Scheduled Personal Property.
In Non Scheduled personal property and Scheduled personal property usually the company gives the insured actual cost value or the replacement value. Actual cost value can be the cost of the item bought and subtract the depreciation on the basis of the years it is used or replacement value that is the cost of replacing the item right now.