Personal property coverage is a vital part of insuring your home. This coverage protects all the possessions in your home. Personal property covers all the items that would damage “like appliances, furniture, and personal items in case of disaster.
However, you need to know how much personal property insurance coverage you need in order for your coverage to help replace your items. Here are things you need to know about personal property insurance.
What Is Personal Property Coverage?
Personal property insurance coverage can help replace your valuable belongings from covered perils or theft. It applies to possessions outside and inside the home, up to your coverage limits. So, if a covered item got damaged, your homeowner’s insurance will likely spay for a replacement.
How Much Coverage Do I Have?
Most homeowners and renters policies usually cover personal property coverage, and the coverage is typically a percentage of your total homeowners’ policy. When comparing homeowner’s or renters’ coverage, the agent will tell you the percentage they offer for personal property coverage plans. But this may not be enough to cover all of your belongings. You’ll need to get full coverage.
How Much Coverage Do I Need?
Your personal property coverage depends on your total coverage, but you can customize your insurance coverage based on the value of your belongings. Go through each item you want to insure like electronics, appliances, cookware, firearms, clothing, furs, furniture, jewelry, computers, silverware, power tools, sports, and outdoor equipment. The total costs of all these items will be the value you would need to cover.