Insuring Your Personal Possessions

What You Should Know About: 

Protecting Your Possessions with Homeowners insurance

Got “stuff?” Homeowners insurance covers it!

What you should know:

• Standard Homeowners insurance policies typically include coverage for your personal possessions, wherever they are – in your home, your car, your luggage or even in storage.
• If you have expensive jewelry or fine art, you may need additional coverage.
• An accurate, up-to-date home inventory will help settle your claim faster if you suffer a loss.

The “contents” provisions of standard Homeowners insurance policies provide coverage for your personal belongings, such as furniture, clothes, home electronics and other personal possessions if they are stolen or destroyed by fire or other insured perils. Personal belongings coverage includes items stored off-premises, meaning you have coverage virtually anywhere in the world. Generally, coverage limits are 50 to 70 percent of the amount of insurance you have on the structure of your house.

To make sure you have enough coverage for your personal belongings, it’s a good idea to conduct a home inventory of your personal property. Creating a list of everything you own and details related to the cost to replace these items can speed up the claims process. Photographs or a video inventory also is recommended.

Expensive items such as jewelry, fine art and collectibles are covered but typically have a limited dollar amount specified in the policy. Special coverage, called a Floater or Endorsement, can be purchased in addition to your Homeowners or Renters policy to fully cover your high-value possessions.