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Home Owners/Renters Personal Property Coverage

Your personal belongings are not just material items, but an extension of you as a person. It is important to make sure that you understand what is covered, how it’s covered and where it’s covered.

Definition of Personal Property

Personal property consists of any personal belonging that is not a permanent fixture of the house in which you live. Some items you would consider personal belongings would consist of things such as clothing, electronics and athletic equipment. Although most companies don’t require you to have any formal log of items, it is important to know what you have and how much they cost. This will alleviate any issues you may have come claims time.

Benefits of Renter’s Insurance

One of the major benefits of a homeowners or renters insurance policy is the fact that they cover your personal belongings at full replacement cost when elected, which means the company will not take into account age or depreciation and attempt to replace the item with a like kind and quality item of equal value.

Another benefit of most policies is that your coverage will follow you during travel throughout the US. An example of this would be if you were on vacation and had something stolen from you. This can also extend to personal items being kept in a storage unit due to not having enough room to keep it at your current residence or if you’re in the middle of moving. This is very beneficial in keeping your costs down by not having to purchase excess coverage while on vacation or from a storage provider. It also makes for a lot easier claims process in the event of needing something replaced.

There are certain items that have a limited amount of coverage on a basic policy due to various reasons such as value or rareness, so it is important to speak with your Allied Insurance agent to find out what items fall under the personal property on your policy versus items that may need to be scheduled separately.

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