Home insurance can be tough to understand, and personal belongings are one part of your policy that can be overlooked or that you may have questions about. What is personal belongings coverage? How are they covered? How much are they covered for? How much personal coverage do you need?
We’ve put together the top three things to know about insuring personal belongings in order to unpack everything you need to know.
What is personal belongings coverage?
Personal property insurance is coverage in your principal insurance policy that can help pay to repair or replace your personal items after a covered loss. Whether your belongings are destroyed, lost, or stolen – clothing, furniture, or electronics, they’re covered by your personal property insurance, which is part of your homeowners, renters, or condo policy.
Here are three tips that will help ensure you have the level of personal property coverage you need.
What’s Covered?
To tackle the ‘what are examples of personal property?’ question- here’s a list of what is typically covered and what constitutes as personal belongings. Keep in mind that personal property insurance covers anything* that is not a permanent part of your home. So imagine that if you picked up your home and turned it upside down- personal items would qualify as all the stuff that would “fall out”.
- Rugs
- Window treatments
- Furniture
- Decor
- Major appliances
- Electronics and small appliances
- Clothing
- Sports equipment
*Higher-value items such as jewelry, artwork, fine wine, special collections, and such may need additional coverage.