What type of coverage does the Scheduled Property Endorsement (HO-15) provide?

The Scheduled Property Endorsement (HO-15) provides coverage specifically for valuable items that are listed or scheduled within the endorsement. This type of endorsement allows policyholders to insure specific items, such as jewelry, art, antiques, or other high-value possessions, for their appraised or agreed value. One of the distinguishing features of this endorsement is that it typically offers coverage without a deductible, meaning that in the event of a covered loss or theft, the policyholder would receive full compensation for the scheduled items without having to pay an out-of-pocket amount first.

This contrasts with other types of coverage, which may apply to unspecified personal property, provide compensation based on cash value rather than replacement cost, or focus solely on liability aspects rather than coverage for physical possessions. Thus, the strength of the Scheduled Property Endorsement lies in its tailored protection for individual high-value items, ensuring that policyholders have specific coverage aligned with the worth of their possessions.