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.
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:
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.
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.
Personal property insurance typically doesn’t cover:
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.
I am a realtor here in Baldwin County, Alabama that services the Eastern Shore down to the beautiful white sandy beaches. I have always had a passion for helping people. I started off as a Pediatric ICU nurse until I had my own children and decided to make a career change back into real estate where I can continue to be involved with the community and helping people sell or buy their homes. I love my job and my goal is to make this experience as fun and stress free as possible.