[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.agilerates.com\/advice\/home\/what-is-personal-property-insurance\/#BlogPosting","mainEntityOfPage":"https:\/\/www.agilerates.com\/advice\/home\/what-is-personal-property-insurance\/","headline":"What is Personal Property Insurance?","name":"What is Personal Property Insurance?","description":"When you buy home insurance, it\u2019s mostly to cover the structure of the building. Usually, it also provides some level of property coverage too. However, if you have specific high-value items you want to ensure are covered, you may need to purchase additional personal property insurance. What is Personal Property Insurance Coverage? Personal property coverage […]","datePublished":"2022-05-23","dateModified":"2023-04-19","author":{"@type":"Person","@id":"https:\/\/www.agilerates.com\/author\/mark-romero\/#Person","name":"Mark Romero","url":"https:\/\/www.agilerates.com\/author\/mark-romero\/","image":{"@type":"ImageObject","@id":"https:\/\/www.agilerates.com\/wp-content\/uploads\/2022\/06\/Mark-Romero-150x150.png","url":"https:\/\/www.agilerates.com\/wp-content\/uploads\/2022\/06\/Mark-Romero-150x150.png","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Agile Rates","logo":{"@type":"ImageObject","@id":"https:\/\/dev.agilerates.com\/wp-content\/uploads\/2019\/11\/unnamed.png","url":"https:\/\/dev.agilerates.com\/wp-content\/uploads\/2019\/11\/unnamed.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/www.agilerates.com\/wp-content\/uploads\/2022\/05\/What-Is-Personal-Property-Insurance.jpg","url":"https:\/\/www.agilerates.com\/wp-content\/uploads\/2022\/05\/What-Is-Personal-Property-Insurance.jpg","height":1067,"width":1600},"url":"https:\/\/www.agilerates.com\/advice\/home\/what-is-personal-property-insurance\/","about":["Home","Insurance Advice"],"wordCount":1093,"articleBody":"When you buy home insurance, it\u2019s mostly to cover the structure of the building. Usually, it also provides some level of property coverage too. However, if you have specific high-value items you want to ensure are covered, you may need to purchase additional personal property insurance.What is Personal Property Insurance Coverage?Personal property coverage protects your belongings in case of theft or damage, such as damage caused by fire or flooding.It covers a wide variety of things, including:Appliances, unless you\u2019re renting and they\u2019re owned by the landlord or are built-in, in which case your standard homeowner\u2019s insurance cover themArtBikesBooks and musicCell phonesClothingComputers Dishes and kitchen utensilsEntertainment systemsFirearmsFurnitureIndoor plantsJewelryLampsRugsSports equipmentToysTVsWhat type of damages does personal property insurance cover?Typically, normal homeowners policies cover \u2018named perils. A \u2018peril\u2019 is anything that can cause damage to or destroy your property.Some of the most commonly listed perils include:TheftFrozen pipesFalling objectsVandalismSmoke damageFireHail or windstormsExplosionsDamage caused by aircraftDamage caused by vehiclesRiot or civil commotionVolcanic eruptionHow much insurance do you need for your personal belongings?You should have enough coverage to protect your personal belongings, so it depends entirely on the value of your stuff. Consider taking inventory of what you own and making a list. This helps you decide what level of personal property insurance coverage you need.How do personal property insurance claims work?Before making a claim, double-check the item’s value compared to your deductible. It won’t be worth making a claim if it\u2019s less than the deductible. If it\u2019s only marginally more than the deductible, consider whether the potential premium increase is worth the payout.If you determine it\u2019s worth making a claim, do it immediately. Depending on your insurance carrier, you may need to phone them, but many allow you to file a claim online or through a phone app. You\u2019ll likely have to send them evidence of the damage and an itemized list of the damaged or stolen property. In the case of theft, you\u2019ll have to provide the police report details. The insurance provider considers your claim and potentially sends out a representative to assess the damage. If they approve the claim, the amount you receive depends on the type of coverage you have.What Isn\u2019t Protected With Personal Property Insurance Coverage?Some things just aren\u2019t covered by personal property insurance. Others are covered up to a certain amount. For example, if you have a laptop worth $3000, but your property insurance has an electronics limit of $2000, you\u2019d only receive a payout of $2,000 less your deductible. Does personal property insurance coverage cover jewelry?Yes, to an extent. There may be a limit per item, so some items may not be fully covered. You need a scheduled personal property endorsement if you have jewelry worth more than your jewelry coverage limit. Does personal property insurance coverage cover art?Some art is, but most policies have a cap on how much coverage they offer per category of belongings.  For example, if you have an art collection, it likely won\u2019t be covered entirely. Like with expensive jewelry, you can schedule art on your home insurance policy to ensure it\u2019s fully covered.Does personal property insurance coverage cover electronics?Electronics are covered, but often only up to a specific limit. Before you get a scheduled personal property endorsement for electronics, determine if the limit is per item or for all of the electronics in your home. If you have items that won\u2019t be covered under the standard policy limits, schedule them.What type of perils aren\u2019t covered by standard personal property insurance?Perils not covered by standard personal property coverage include:General wear and tearEarthquakesFloodingPests or verminDamage to property while moving homeIf you need coverage against these things, speak to your policy provider about add-ons.What\u2019s a Scheduled Personal Property Endorsement, and How Does It Work?A scheduled personal property endorsement is a policy add-on to extend the coverage limits for certain high-value items. Do you need a scheduled personal property endorsement for your home insurance policy?Most policies have a limit per category of belongings, so if your property value exceeds the limit within its category, consider additional coverage.What does a scheduled personal property endorsement cover?Scheduled personal property endorsements cover the full value of specified items. It’s used for protecting high-value items such as:BikesCamerasElectronicsExpensive antiquesFine artFirearmsFursGolf equipmentJewelryMusical instrumentsRugs and tapestriesSilver and goldwareStamp, card, and coin collectionsHow much does a scheduled personal property endorsement cost?The cost of a scheduled personal property endorsement varies depending on the insurance company, the item you\u2019re insuring, and its value. Still, you\u2019re typically looking at around $100 for each $10,000 coverage you need to schedule.Personal Property Insurance FAQsIs personal property the same as contents insurance?Yes, the other name for personal property insurance is contents insurance. Different insurance providers may call them different things, but they are essentially the same. They protect your belongings from things like theft or fire.What are the three main types of property insurance coverage?The three main types of property insurance coverage are replacement cost, actual cash value, and extended replacement costs. How do I file a personal property insurance claim?Depending on your policy, you may be able to file a claim online or in an app. Sometimes you may have to make a phone call instead. Before filing, consider the property’s value compared to the deductible and determine if it\u2019s worth filing a claim.Do I need to appraise items to schedule them as personal property on my home insurance policy?Sometimes, you may need to appraise certain belongings before you add them as an endorsement. This depends on the type of item and the insurance company. How do I get a scheduled personal property endorsement?Speak to your insurance provider to discuss adding a scheduled personal property endorsement to your policy.Getting Enough Personal Property CoveragePersonal property insurance is typically included in most homeowners\u2019 policies. But because of its limitations, it\u2019s important to consider adding scheduled endorsements for your valuables. Get home insurance quotes from several companies for the best coverage and price.  "},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Advice","item":"https:\/\/www.agilerates.com\/advice\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Home","item":"https:\/\/www.agilerates.com\/advice\/\/home\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"What is Personal Property Insurance?","item":"https:\/\/www.agilerates.com\/advice\/home\/what-is-personal-property-insurance\/#breadcrumbitem"}]}]