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What is Personal Property Coverage?

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To find the best homeowners insurance Florida based company, it is important to understand what is included in a standard home insurance policy and what it provides. In almost every standard home insurance policy, it contains six types of coverages: Dwelling, Loss of Use, Medical Payments, Other Structures, Personal Liability, and Personal Property. In our previous blog, we discussed about Dwelling Coverage, but in this blog, we will explain what Personal Property is and any additional details that make it unique.


What is Personal Property Coverage?

Personal Property Coverage (also known as Contents Coverage or Coverage C) is similar to Dwelling Coverage in that they help cover the costs of something damaged or destroyed. Dwelling Coverage covers the costs to repair your home after it being destroyed by a natural disaster like fire, hail, lightning, wind, etc. On the other hand, Personal Property Coverage covers the costs to replace your personal belongings after it being burned or stolen.


For Personal Property Coverage, there is a limited amount of coverage that you can get, based on the amount and cost of your personal belongings and the coverage limit of your dwelling coverage and home insurance policy. Standard home insurance policies usually set a coverage limit of about 50-70% of the dwelling coverage in your policy. To calculate how much your coverage limit is, multiply the coverage limit percentage to the amount your dwelling coverage is set to. For example, if your dwelling coverage limit is $100,000, then your personal property coverage limit will be between $50,000 and $70,000.


Home Inventory

After calculating the amount of personal property coverage you have, you can decide if you need to buy an additional coverage or not. If you have more valuable items in your home, you might want to consider purchasing more coverage. Before that, create an inventory list of all the possessions in your home while using any evidence as proof that you own those items. This includes any photos or receipts that you may have in regards to gaining ownership of your belongings. By doing this, you will be able to calculate the value of your items better and purchase the proper amount of coverage for them. In addition, if a disaster were to damage your home and possessions, this home inventory list will be a beneficial asset, so make sure to store it safely.


After reading this blog post, we hope that you have a better grasp on what Personal Property Coverage is and what their benefits are. If you need additional assistance in understanding what’s included in a home insurance policy or how to find the best homeowners insurance Florida based company, feel free to contact a Get-A-Quote professional today!


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