Schedule or Blanket

Do you have any jewelry or keepsake? Many of us have a special piece of jewelry we wear every day or a family heirloom in our home. These specialty items are covered under the personal property of your homeowners policy for the big claims – damage resulting from fire, windstorm, smoke, water, tornado on a replacement cost basis. However, coverage can be limited in the event of theft or accidental loss of specialty items. A homeowners insurance policy will often limit coverage to $2,500 or $5,000 for theft or just losing a specialty item such as jewelry, fire arms, money and fine arts. To broaden the protections for these special limits on these items, a schedule or blanket can be added.
A schedule is just that a list of the highly valued items with a detailed description based off an appraisal. The limit of insurance corresponds to the appraised value of each item. The limit of insurance is sum of all listed items.
A blanket is fixed amount of insurance for items with varying values based off a receipt. For example, a $10,000 blanket has a list of items, not exceeding $2,000 per item but all add up to $10,000.
If there is a loss to an item listed on an appraisal or a blanket, no deductible is applied. The item is replaced with the exact same thing per the appraisal on a schedule or a receipt on a blanket.