Personal Property Coverage
Whether you insure your home for actual cash value, guaranteed replacement cost, or extended replacement cost, there's still the issue of damaged or destroyed personal property in the house. Standard homeowners insurance policies insure those items at actual cash value. That means depreciation is figured into the value of personal property, so whatever you receive to repair or replace it will be dramatically less than what you paid for it. With proper replacement cost coverage for personal property, you're paid without factoring in depreciation.
The amount of personal property coverage varies per policy. However, riders can be attached to cover specific high-value items. An insurance broker can help you choose the best policy to meet your needs.
Homeowners aren’t the only ones who need to be sure their property is safe. Renters need property protection just as much as homeowners do.
While a landlord’s homeowners insurance should cover any damage to the house you’re renting in an emergency, there’s no guarantee your personal property will be covered. Renter’s insurance offers affordable, easy-to-use protection for renters whether they rent a house, condominium, apartment, loft, or other rental property.Unfortunately, many renters do not realize how much property they have to protect until it’s too late. Think about how much money you have invested in your belongings. If the unthinkable should happen, what would it cost to replace your furniture, home appliances, computer, TV, sound system, and mobile phone?
Additionally, most renters have more invested in their clothing, shoes, and jewelry than they realize. And then there are those often irreplaceable items like musical instruments, art, collectibles, vintage decor, video collections, and other personal items.
These are just a few of the ways renter’s insurance may protect tenants:
- Property damage caused by vandals
- Stolen property replacement, including stolen bicycles
- Property replacement when your belongings are damaged by a plumbing disaster
- Temporary living expenses if you’re unable to stay in your home due to a covered event
- Liability coverage and medical expenses for an individual who becomes injured in your home
- Damaged property replacement due to smoke, fire, and water from an indoor sprinkler system
What Standard Renters and Home Insurance Does Not Cover
Standard home and renters insurance policies do not cover damage caused by earthquakes or floods. You need to purchase separate insurance policies for coverage in the event of one of those disasters striking.
Take Inventory Now
Before you purchase your renters insurance or home insurance, take the time to do inventory. Your insurance company may offer an inventory app that would make the job much quicker, but if they don’t, the Insurance Information Institute has free online software to help you list all your items.
Be cautious when purchasing your policy; A little thing called depreciation does come into play. For example: If your TV is five years old, you are not going to get reimbursed for the price you paid five years ago, so you may want to consider adding to the cash value of your policy.
Get a Quote for Home Insurance Wisconsin or Minnesota
Whether you’re a homeowner or a renter, protecting your personal property and home is easy with Value Plus Insurance. Our experienced brokers can help you calculate your insurance needs and find a policy that gives you the right amount of coverage for your property and budget.
We can even help you find discounts that help keep those prices friendlier than ever! To learn more about home insurance rates, contact our agents online to get a homeowners insurance quote or give us a call at 866-398-6428.