Homeowner Personal Property Coverage
Personal property is coverage on your homeowner insurance policy that is designed to cover all of the contents of your home not permanently attached to the structure itself. This covers items such as furniture, clothing, and household appliances. Most companies offer 40% of the amount of dwelling coverage listed on the policy itself. For example if your home is insured to $300,000 and you carried 40% your policy will cover $120,000 for your personal property. Many companies will offer the option to raise your coverage to property coverage up to 75% of dwelling coverage. One of the most important options that you will have is personal property replacement cost versus actual cash value. The difference between the two could actually make a large difference. If you were to purchase an appliance for $1,000 5 years ago, with an actual cash value policy the appliance would only be worth roughly $500. A replacement policy would pay the amount that it cost to replace the appliance today. Some items such as jewelry, fine arts, valuable papers, and fire arms, are not eligible for personal property replacement cost coverage. These items normally will have special limitations. You may have the option to schedule these items on the policy with stated amount of coverage. It is recommended that you take inventory or your items in your home. The most convenient way is by video. You should keep the inventory in a safe place away from the home such as a safety deposit box. Request your quote online today or call 530.421.8111 License 0G13612.
