Vicky Abbey posted on January 11, 2012
Do you have homeowners, condo owners or renters insurance?
If you do, you also have personal property coverage. That is the “stuff” you own from furniture & clothing to TV’s and electronic equipment. If you look on your declarations page it is labeled Coverage C. This is probably not a surprise to you, BUT did you know…
Your personal property is covered anywhere in the world! For example, items placed in a storage unit or belongings you take with you while on vacation are covered under your primary residence policy. If you’re vacationing in Rome, for example, and the hotel you’re staying in burns down with all your clothing still in your room… the policy you have on your primary residence will cover that loss!
Many people don’t realize this important fact. But now you do.
There is, however, a limit for personal property at “Other Residences” that you may own. For example, if you own a 2nd home, you actually have some personal property (contents) coverage from your own primary homeowner’s policy that would pay for damaged contents at the 2nd home. However, the limit is 10% of the contents coverage you can find on your own primary residence policy.
Example: Your primary home insurance policy coverage is $200,000 on the dwelling which would give you $140,000 on your personal property (70% of the dwelling coverage is common). You have a condo in Utah where you store essentials for the winter during ski season. You will have a total of $14,000 in coverage for personal property stored at that condo.
For those of you who may have now or soon to have a child away at college you also have that same 10% of your own personal property limit for their belongings at college.
There are any number of positive reasons to insure your “stuff” properly. Ask us any time you are in doubt. That’s why we’re here.