Personal Property Insurance
Personal property coverage helps to protect the investment you have made in your personal possessions in the event of loss, theft or damage. It can take many years to accumulate your personal possessions, thus is considered a vital part of your insurance policy and is important that you assign an accurate value to them.
Personal property includes categories such as clothing, furniture, jewelry, electronics, and recreational equipment. Most standard policies come with some protection for your personal possessions, however not all types of personal belongings are covered and limits are imposed for certain types of losses. This can be overcome by opting for scheduled personal property coverage. This endorsement can be added to your homeowners’ insurance, providing additional coverage for items you specifically list. If you have possessions of particularly high value, it is recommended that you add these items to your scheduled personal property endorsement. To be endorsed, an expert is required to appraise these items and the value needs to be agreed to by your insurer. Examples of such items may include an extensive wine collection, unique pieces of artwork, fine furs, expensive jewelry, vintage furniture etc.
Furthermore, most insurance providers restrict standard personal property coverage to specific causes of loss, or perils. As a result this may lead to situations where your property is damaged due to an unspecified event. The way around this is to add a special personal property endorsement to your policy to broaden the covered perils for the contents of your home, helping to protect your personal belongings to a greater extent. To learn more, call a Kin agent at (855) 717-0022.
Coverage C: What's Covered and What's Not
It’s worth mentioning that items included in a special personal property endorsement are covered on a replacement cost basis and there is typically no deductible with scheduled personal property coverage.
Certain personal possessions are excluded from personal property coverage and typically include:
- Credit cards
- Aircraft and parts
- Renter's personal property
- Business data
- Personal property you are renting to others
When determining how much personal property coverage to purchase, we suggest you first understand the details of your policy - namely, what items are covered, what the limits are, and what perils are included.
Typically, Coverage C offers protection when your items are lost or damaged because of:
It typically doesn't pay to repair or replace items damaged by storm surges and flood waters. For that, you'd need flood insurance.
Once you have a better understanding of this detail, you should then compare the type and value of your possessions with the coverage limits and restrictions, consider where additional coverage is required, if scheduled Personal Property coverage needs to be purchased, and whether special Personal Property endorsements are necessary. Keep in mind that limits are still imposed on scheduled personal property coverage which may force you to seek additional insurance coverage for these items.
How Home Inventories Boost Your Property Protection
It’s also recommended that you keep a home inventory detailing your possessions - their value, date of purchase, applicable serial numbers and photos if possible. This record will go a long way to assisting you in identifying your loss in the case of a claimable event.
If you are unsure about what to include, the value to insure or if a particular peril is covered, speak to your insurance agent to ensure you purchase adequate coverage to meet your specific requirements.
Our agents can be reached at (855) 717-0022. To see how much a change in Personal Property coverage can impact your premium, start our no-obligation application here, and find out in two clicks.