Personal property insurance coverage can cover your belongings (furniture, clothing, sporting goods, electronics, etc.) in the event of a covered loss – whether items are damaged at your home, apartment, or anywhere in the world.

What is Personal Property Coverage?

Our homeowners, condo and renters policies provide coverage that can compensate you for personal items, such as furniture, clothing, and electronics that are damaged in a covered loss. While at home, or anywhere in the world, the personal property coverage part of your policy can cover your personal belongings,

Under most policies, covered personal property losses are settled based on actual cash value at the time of loss, but not more than the reasonable amount required to repair or replace the damaged item. In most instances, actual cash value is the reasonable cost to repair or replace the damaged item, less a deduction for depreciation.

Replacement Cost Option

Optional coverage — personal property replacement cost loss settlement — that provides for settlement of covered personal property losses based on replacement cost at the time of loss, with no deduction for depreciation is available. When purchasing your homeowners policy, you’ll need to decide whether you want the actual cash value personal property coverage (generally included in a homeowners policy) or the optional replacement cost coverage. Both are subject to applicable policy limits and deductibles.

Optional Endorsements Available

Some classes of property, such as the below examples, may have a limited amount of coverage available based on the type of claim:

  • Money or related property, coins and certain precious metals.
  • Watercraft, including trailers and equipment.
  • Jewelry, watches, furs and semi-precious stones.
  • Silverware, goldware or pewterware.

Additional coverage may be available for these items and other personal property using optional endorsements or separate policies.

What May Not Be Covered

Keep in mind that certain damage is not covered by homeowners insurance as the policy contains terms, conditions, and exclusions. For example, if your property is damaged in an earthquake, the damage is typically not covered unless you have purchased earthquake coverage. Similarly, damage from a flood is not covered unless you have purchased a separate flood policy. Special limits may also apply to certain properties.

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