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Personal Property Coverage
What is Personal Property Insurance?
If your personal belongings are lost, stolen, or damaged as a result of a covered loss or calamity, personal property coverage, sometimes referred to as contents coverage on home insurance, helps pay for the replacement costs. Items such as cookware, clothing, electronics, and furniture are considered personal property.
How does Personal Property Coverage Work?
Your possessions may be shielded against theft, fire, and other covered calamities by personal property coverage. For your personal belongings, there are two kinds of loss settlements real cash value and replacement cost. The item is covered as new at the time of the claim by replacement costs. The item’s replacement cost less depreciation is its actual cash value.
Depending on the kind of property insurance you have, the quantity of personal property coverage you can choose from may change:
Homeowners Insurance Policy: Personal property coverage under your homes insurance policy usually comprises a portion of your dwelling coverage, say 50%. For instance, if the dwelling limit on your policy is $200,000, your personal property insurance coverage will be $100,000. Depending on your needs, your policy can have a choice to raise or lower the maximum.
Renters Insurance Policy: Personal property coverage choices are commonly offered by renters insurance policies, with average coverage amounts ranging from $10,000 to $500,000.
Condo Insurance Policy: Personal property coverage options on a condo insurance policy can vary depending on the carrier, but typically range from $0 to $500,000.
What is Covered by Personal Property Coverage?
Your possessions may be protected by contents insurance if they are destroyed or damaged by specific risks that are included in your policy. Certain carriers even provide an endorsement that modifies the designated peril or all risk coverage for personal property to open peril or open danger. This implies that unless the insurance expressly states otherwise, a loss would be covered.
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