Personal Property Coverage - What Is Covered?
Updated: Apr 5, 2022
There is a lot to be aware of when talking about Home Insurance Policies, and the personal property coverage limit causes a lot of misunderstandings. Your policy will show this as "Coverage C" or "Personal Property" and then it will show a limit to that type of coverage. It may show the overall limit as hundreds of thousands of dollars. However, some declaration pages will not go into detail as to the sub-limits for certain items, so you need to dig deep into your policy to learn more.
Look closely for sub-limits for jewelry, artwork, firearms, memorabilia, & other high value items. For example, you may only be covered for jewelry up to $1,000 per item and $5,000 total for all jewelry in the household. This means that if you have a $10,000 ring stolen, you will only be covered for $1,000. If your home deductible is $1,000, or higher, then you will end up with nothing.
So, what is the solution?
A scheduled personal property endorsement can be added to fill this coverage gap. The cost to schedule items on a home policy is only about 1-2% of the value of the items per year. So that $10,000 ring would only cost about $130/ year to insure with a $0 deductible! Another benefit to adding this coverage is that it will cover "mysterious disappearance - not just theft/fire, etc.
Please call us to discuss more details and we will make sure you are properly covered!