Plan for the best, prepare for the worst with personal property insurance.

Imagine arriving home and all that can be seen are firetrucks, first responders, and rubble where there used to be a home. Panic ensues, and one of the first thoughts is, “Is this covered under the insurance policy?” Whether it’s electronics, furniture, or jewelry, personal property insurance ensures the value of possessions are covered.

PREMIUMS
Compare the cost of premiums. The cheapest policy isn’t always the best; it might offer less coverage or have higher deductibles.

DEDUCTIBLES
Check the deductible. A higher deductible usually means a lower premium, but it also means paying more out-of-pocket.

EXCLUSIONS AND LIMITATIONS
Read the fine print to understand the exclusions or limitations.

CUSTOMER SERVICES AND CLAIMS PROCESS
Research the insurer’s reputation. Having an insurer that is responsive and helpful is key.

POLICY TERMS AND CONDITIONS
Understand the terms and conditions of each policy, including renewal terms and any penalties for early cancellation.

60% of homeownersareunderinsured; this is due to an effort to lower yearly premiums.

95% of homeowners have homeowners’ insurance; this stresses the importance of being covered in the event of a loss.

48% of insured homeowners don’t have an inventory of their possessions. This can lead to major confusion and misrepresentation in a claim.

About 1 in 18 insured homes make a personal property claim each year

Two Coverage Types

Understand the different types of coverage offered and the limits of each. Make sure the policy covers all areas of concern.

REPLACEMENT COST COVERAGE
This type of coverage pays to replace items with new ones of similar kind and quality, without deducting for depreciation.

ACTUAL CASH VALUE COVERAGE
This type of coverage pays to replace items minus depreciation, which means the insured receives the current value of the item, not what was originally paid for it.

Look for any discounts, such as discounts for having multiple policies, being a safe driver, or installing safety features.

Pro Tip

Take photos and videos of all personal property. If a roof were taken off a house and it was turned upside down, anything that would fall out is personal property.