Personal property coverage protects your stuff—things like electronics, furniture, and clothing—anywhere in the world.
The personal property portion of your home insurance protects your possessions—the belongings that make your house a home. That includes things like:
Typically, Coverage C offers protection when your items are lost or damaged because of:
If you opt for a special personal property endorsement, you can get protection for damage caused by perils beyond the ones listed here. It’s also worth noting that items included in a special personal property endorsement are covered on a replacement-cost basis. That means it gives you the funds to repair or replace your belongings with new, similar items rather than only paying out what the depreciated item is worth.
Certain personal possessions are excluded from personal property coverage, including:
It typically doesn’t pay to repair or replace items damaged by storm surges and flood waters, either. For that, you’d need flood insurance.
It takes years to fill your home with things you love, so it’s important to have adequate coverage for these belongings. You can use your dwelling insurance as a benchmark for how much property coverage to buy.
For example, many homeowners opt to carry about 20 to 50 percent of their dwelling insurance for their belongings. So if your home is insured for $200,000, you’d likely want $40,000 to $100,000 in personal property coverage. If you have a lot of belongings, that percentage / amount of coverage may need to be higher.
If you have really valuable belongings, like fine jewelry, art, furs, coin collections, wine collection, or antiques, you may want to look into scheduling these items. Scheduling your property allows you to protect these items for the amount they’re worth without drastically increasing your overall premium. There also isn’t a deductible with scheduled personal property coverage. Nice little bonus, right?
Give us a call at (855) 717-0022 if you want help scheduling your property today.
To figure out how much your belongings are worth, walk around your home and document the items that you invested in. Take photos of these belongings and file away your receipts. Doing so will help make sure you carry the right amount of coverage and help you if you need to file a claim to repair or replace these belongings.
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