What Is Personal Property Insurance? Why Does It Matter? 

When many people think of homeowners or renters insurance, they may picture coverage for the building itself, but what’s inside can be just as important. That’s where personal property insurance comes in. It’s designed to help you recover the value of your belongings if they’re damaged, destroyed or stolen during a covered event.

What Personal Property Insurance Covers

Personal property insurance typically applies to the items you own inside your home, apartment or condo. This can include the following examples:

• Furniture, appliances and electronics

• Clothing and accessories

• Kitchenware and household items

• Sports equipment, books and décor

Coverage often applies even if your belongings are damaged or stolen away from home. For example, if a laptop is taken from your car or luggage is stolen while traveling.

It’s important to know that coverage limits may be insufficient for certain items, such as jewelry, collectibles or high-end electronics. If you own valuable belongings, you might need scheduled personal property coverage to fully insure them.

Why It Matters

The cost of replacing your belongings after a fire, theft or severe storm can quickly add up. Personal property coverage can help cover these costs so you aren’t left paying out of pocket. Without it, recovering from a loss could be financially overwhelming, especially if you’ve spent years building up the contents of your home.

When choosing coverage limits, consider doing a home inventory to estimate the value of your belongings. You’ll also want to understand whether your policy pays replacement cost (the amount to buy new items) or actual cash value (the depreciated value). Replacement cost coverage often results in a higher payout, though your premiums may be more expensive.

Learn More

Express Insurance Services can help you understand how personal property coverage fits into your home or renters insurance policy. Contact us at our office today to review your current limits and make sure your belongings are well accounted for.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.