Personal Property Insurance

Personal property in your home can include:

Clothing

Decorations

Electronics

Expensive handbags

Furniture

Household appliances

This means that personal property insurance covers the cost of replacing your belongings both inside and outside your house, as well as anyplace else in the world. It does not, however, insure your actual real estate.

What is Personal Property Insurance? How Does It Work?

Personal property coverage is a necessary component of any homeowner's or renter's policy. This sort of insurance can safeguard your personal items from damage caused by a covered loss or theft.

The following are the two basic personal property coverages:

What is Replacement Cost Coverage?

We'll reimburse you for the complete cost of replacing your goods with new ones of like kind and quality, either you received them as a gift or purchased them.

What is reimbursement procedure?

We'll pay you the ACV (actual cash value) of your damaged property, minus your deductible, first. You might use it to begin repair work or to completely replace your item. We'll send you another payment to cover the difference between ACV and your total replacement cost after you send us a receipt for your replacement or a signed contract indicating that repairs have begun. Depreciation that can be collected is referred to as recoverable depreciation.

What are your options for getting Coverage?

All of our owner-occupied homes, condo, and renter's policies include replacement cost coverage.

What is covered by Personal Property Insurance?

This coverage aids in the protection of tangible personal goods such as furniture. It won't help you cover your actual residence.

What is the functionality of Personal Property Coverage?

Your personal possessions have an actual cash value that depicts their age and condition at the time of a loss, such as a theft or fire. Differently, in different words, the depreciated value equals the actual cash value.

Replacement cost coverage, on the other hand, pays for the complete cost of replacing your goods, not just the cash value. This enables you to purchase a similar item of comparable quality at today's pricing, regardless of whether you purchased it or received it as a gift.

We'll work with you to figure out whether the equipment that has to be replaced is worth it. We'll pay you the actual cash value of your deductible once you've paid it, which you can put toward purchasing your replacement. We'll help you pay the difference after you've purchased the item and provided us with the receipt.

You'll still have to pay your deductible for damaged products, and we'll need documentation that the repair is in process or completed. We'll pay the loss at its true monetary value till then.

Which Personal Property Insurance do I need?

Personal property coverage comprises a substantial part of most homeowners' insurance policies, accounting for over higher percentage of total coverage. You can, however, tailor the coverage to the amount you believe your personal possessions are worth.

Start by wandering around your house and assessing your major purchases to determine the value of your personal property. You should look at furniture, electronics, and housewares, for example.

Group each category of personal property on your list to make it easier. Then take pictures of each thing and write down what it costs or is really worth. For products like clothing, you can produce a single total for everything. This video will show you exactly how to proceed.

Insurance Made Eazy offers personal property insurance

You can save money by bundling your insurance coverages. Get a free home insurance quote today to learn more.

We do everything we can to protect you and your belongings. You can include these coverages in your homes policy in addition to personal property insurance to protect yourself from loss:

Valuable Items Blanket

Personal Liability

Equipment Breakdown Coverage

PIdentity Theft Insurance