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A Guide to Personal Property Coverage

You’ve probably thought about what would happen to your home in the event of a disaster, but have you considered your personal belongings?

Fortunately, whether you’re a homeowner or a renter, your insurance policy has you covered. The question is whether your current personal property coverage is enough.

If your possessions have multiplied over the years — or if you own special, high-value items — you may need additional protection.

What’s personal property coverage? 

Personal property coverage, or contents coverage, protects your belongings, including furniture, clothing, jewelry, appliances, electronics and art. It insures the stuff that’s not part of your home’s structure (or permanently attached to it) against theft and accidental physical damage or destruction.

Personal property coverage also protects your belongings when you’re traveling or doing things around town.

How much coverage do you have?

Every policy will be different. For home insurance, your personal property limit is usually 70% of the insured dwelling value. In some cases, it can be more or less depending on your home.

If you rent your property or if you own a condo, it’s easier to tell how much coverage you have because your policy doesn’t cover the building. (The landlord’s or condo association’s policy covers that.)

Check your policy’s declarations page or get in touch if you’re unsure about your current coverage.

Should you increase your personal property coverage?

You may want to purchase extra personal property insurance through a rider or scheduled coverage if you own the following items:

  • Valuable jewelry
  • Expensive electronics or musical instruments
  • High-value art or collectibles
  • Home gym equipment
  • Medical devices

Are you wondering whether something you own is valuable enough to warrant additional coverage? Reach out anytime.

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