What Is Personal Property Coverage?


Personal property coverage is the type of insurance that can help protect the items in your home, like your furniture. Your belongings are likely worth much more than you might think, and if they're damaged or lost, personal property coverage could help you cover the cost of replacing them.

Determining The Value Of Your Belongings.

Your home is full of things you love. Taking the time to figure out how much your belongings are worth can help you choose the amount of personal property coverage you need. Walk around your home and note the items that you spent a lot of money on. Taking pictures of these items and keeping receipts and other documents can help you keep track of the value of your stuff.

Replacing Your Belongings.

If the personal property listed on your homeowners policy needs to be replaced because of a covered loss, there are two different ways your insurance could help:

  • Actual cash value. Your belongings are typically covered at fair market value. In other words, replacement cost minus depreciation. For example, your items could be covered for the amount you'd get if you sold them at a yard sale or an online auction website.
  • Replacement cost coverage. With replacement cost coverage, your insured personal property is typically covered for what it would cost to purchase them new at the time of the claim

Your agent can help you understand the difference between actual cash value and replacement cost coverage. He or she can also answer any questions you may have about what types of personal property your policy covers.

What Is Scheduled Personal Property?

Scheduled personal property is optional protection you can add to your homeowners policy to cover high-value items. Though personal property coverage helps protect the majority of your belongings, most insurance companies set limits on certain items, like jewelry. For example, your policy may cover a single piece of jewelry that's worth up to $1,000. If you own a $100 necklace that is damaged and needs to be replaced, you're in good shape. If you own a $10,000 necklace, scheduled personal property can help you insure it for more than the $1,000 limit.

Explore Optional Property Coverage.

Homeowners insurance can offer you many types of optional coverage options. If you own items that most people don't, like fine art, talk to an agent about ways you can insure it on your homeowners policy.

Still have questions about personal property coverage? Contact us to get help understanding all the details.

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Exploring your insurance options?

You are at the right place! Whether you’re shopping for business insurance, home insurance, auto insurance, medicare supplement, health insurance or life insurance, we can help get you the best coverage available. Take a few minutes to explore our site to learn about the types of coverage we provide and the educational resources we offer, and then contact us to discuss how we can meet your unique needs.

Importance of Annual Insurance Reviews.

Most people know the importance of insurance protection. You don't want to be without it when problems arise. What many don't realize, however, is that protecting themselves with insurance isn't a once and done event. You don't wear the same pants you did when you were five years old because, besides no longer being in style, they simply don't fit. A homeowner's insurance policy purchased when your house was furnished with bean bag chairs and bar stools is no longer going to "fit" once you're lounging on Italian leather sofas while watching television on your wall mounted plasma screen. Life is constantly changing, and your insurance policies should reflect that.

Freedom of Choice.

Captive agents and direct writers provide you with just one company’s insurance products, but an independent insurance agent can provide you with options from multiple insurance companies. This allows your independent agent to review offerings from different companies — many of which are only available to you through independent agents — and help you find an insurance provider that best fits your mix of coverage, price, and service needs.

Independent Agents representing YOU.

An independent insurance agent is authorized to sell several companies’ insurance products, but ultimately your agent represents you — not those companies. That means you have someone on your side and ready to ‘go to bat’ for you in the event of an insurance question or dispute. It also means you have a person who is regularly looking out for your insurance needs – which may change over time, and who can find a new insurance provider for you if your current provider is no longer the best fit.