Personal Property Coverage Types
There’s two different types of personal property insurance you can have. One type is coverage that will pay for the cash value of those items, the other is coverage that will reimburse you for the replacement cost of such items. A cash value policy would provides protection based on the value of your property. A replacement cost policy will usually cover the dollar amount it takes to buy new property at the time of the incident.
It’s important to note that these two coverages will likely have limits, so make sure you ask that about that.
Insurance Coverage That Protects Property
There’s a number of different insurance coverage options that will give you protection. Let’s review those now.
Homeowners Insurance – While home insurance can offer dwelling and liability protection, most homeowners insurance policies include coverage for your personal property, often up to your limits in your policy. If the home is damaged by a covered peril such as fire, homeowners insurance may help cover the losses to your personal property. Coverage is subject to the terms and limits outlined in your policy, so make sure you know them well.
Renters Insurance – While a lot of people believe that landlord’s insurance will protect their belongings, that’s often not true. Yes, landlord’s insurance coverage protects the residence from some perils, but it usually doesn’t cover the renter’s personal property. Renters insurance coverage can help you protect valuables such as computers, cameras and jewelry.
Condo Insurance – Most condo insurance policies protects the owner’s personal property in some scenarios, such as theft or file. While a condo association’s insurance policy protects the structure, the personal property inside of your unit will likely not be covered. Condo insurance can give you protection for your electronics, furniture and clothing. Coverage limits will apply, so again, make sure you know what your policy limits are.
Is Lost Property Covered?
Is there an insurance type that will cover lost property? With condo, renters and home insurance, the answer is likely no. Now, if you have personal property that is stolen, yes, you can find insurance coverage for that. If you accidentally misplace something or leave it behind at a hotel for example, insurance will likely not cover those scenarios. You could check on scheduled personal property insurance, which may cover an item if lost, it’s an added insurance coverage type we’ll talk more about next.
What Is Scheduled Personal Property?
With homeowners, renters and condo insurance, you can get protection for your personal property. The problem, these will have limits. It’s important to note that these limits may be per item or not. What can you do if you have a high valued item, such as jewelry? That’s where “scheduling” personal property may be able to help. To find out for sure, we recommend giving us a call so we can check to see if you can benefit from doing this.
Exploring Insurance Coverage For Your Property
As you’ve learned, there’s several types of insurance coverage that can protect your personal property. It can get a little confusing navigating all the options you have. Our experience insurance agents are on stand-by to help you protect your personal property, give us a call today at 1-303-623-1997 to learn how we can help.
Shop And Compare Personal Property Insurance Rates
You’re only one phone call away from getting the right coverage at a great rate. Ready to start comparing insurance to protect your property? Give us a call today at 1-303-623-1997 to get started.
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Do you have a question about protecting your personal property or need to get a free quote? You can reach our office by calling 1-303-623-1997 or you can use our web form below.