Homeowners insurance protects your home, but what about what’s inside? When peril strikes, knowing your belongings are covered financially can make a world of difference.
Here’s a basic guide to how personal property coverage can help secure your belongings.
What does personal property insurance cover?
Personal property coverage offers financial protection for your personal items if they’re damaged by certain perils.
Personal belongings covered under this policy type can include:
- Electronics.
- Furniture.
- Art.
- Clothing.
- Appliances.
There are two coverage types for this insurance: named perils and open perils.
Named perils policies only cover you specifically from perils listed. An open perils policy covers everything except the specific exclusions provided.
How does personal property insurance work if you rent versus own?
Personal property coverage is included with renters insurance. It covers personal belongings the same way it would with homeowners insurance.
However, the building you’re renting is not covered under the same policy. Instead, the property owner will have their own policy for the building itself.
What's not covered by personal property insurance?
Personal property insurance typically doesn’t cover:
- Flood damage.
- Pets.
- Auto-damages.
How much should I expect to pay for PPI?
Personal property insurance usually comes as part of homeowners or renters insurance.
The average cost of a homeowners policy is about $1500 per year, while renters insurance costs about $160 per year.
Personal property coverage can mean greater peace of mind. Discuss your coverage options with an insurance company to make the best decision for your property.
About the Author
The Crompton Group
Real Estate Agents in the Denver Metro Area
Welcome! We are so excited to be able to share with you information about the wide world of real estate. Every day someone asks us, "How is the market?", and that is a simple question that is really asking "Should I sell my home?" "How much is it worth?" "What is the interest rate?" "Are there buyers out there?" "Can I buy at a good price?" "Are houses appreciating?" and many others.The information and links available on this site may answer some of those questions for you and give you food for thought. Of course, we are always ready to help you sort through any and all of these questions and find your dream home or sell your present home. Let us know how we can be of service to you, your family, and your friends. We are part of an international referral system of top agents who would help anyone you refer in any part of the US or the world.
