What is ‘Personal Property’ Coverage?
Glad you asked. Personal Property is essentially anything not attached to your dwelling. For example, furniture, clothing, appliances, electronics, jewelry, toys, tools, etc. The value or limit is a lump sum to cover all your personal contents. Be sure to review your policy to see if that limit is enough to replace your home’s contents.
However, one thing to keep in mind is to check your policy to see if the carrier has a specified limit for certain high value items. Each carrier has a different limit for things like jewelry, furs, paintings/art, guns, etc. Say you have a wedding ring valued at $5,000, but your insurance carrier only provides coverage on a single item of jewelry up to $2,500, you would only receive up to that limit in the event the item is lost or stolen, etc. If you do not already have insurance through your jeweler, we’d recommend ‘scheduling’ any high-value items that you’d want to get full value for in the event of a loss.
Another thing many don’t realize is that with most carriers your contents are covered up to 10% of the Personal Property limit off-site. For example, you have $50,000 in Personal Property coverage on your homeowners policy. You are out shopping at Target and you just had your computer, phone and some gifts you just purchased for Christmas stolen from your car. Altogether they valued at $2,500. The full value would be covered, because up to 10% (which, in this case, would be $5,000) is covered off-site. Of course, all is subject to your deductible.
As always, please feel free to reach out with any questions regarding Personal Property Coverage, Scheduling, or any other area we can help you with.
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