How to Insure Your Personal Belongings?

 In Home Insurance

The stuff in your home has value, and it can add up quickly over the years. How do you keep all of it safe?

The Coverage That Keeps Your Belongings Safe

Your clothing, furniture, electronics, and everything in your home, could be damaged or stolen, and your pocket would take the hit. The best way to make sure all of your items are safe is through insurance. Homeowners, renters, and even condo insurance policies provide coverage for the contents of your home. This is more commonly known as personal property coverage.

Personal property coverage or content insurance will protect your belongings from situations like fire or theft. To better understand how this coverage works, it’s important to understand a few things:

The Coverage That Keeps Your Belongings Safe

Create a Detailed Inventory

Taking an inventory of all of your belongings, from your shoes to your appliances and electronic devices will help you get a better idea of everything you own and its value. You can do this by photographing or listing everything you own, in addition to taking note of details such as serial numbers, models and year of purchase, of your electronic devices. It’s also good to have documentation like receipts, be part of your home inventory.

All of this information will help to better understand your insurance needs, and it’s also great to have in case you need to file a claim.

ACV vs Replacement Cost

When you decide to buy homeowners, condo or renters insurance, you will likely have to decide between Replacement Cost Coverage and Actual Cash Value. The first one will reimburse you for what it costs to replace the item or items you lost, while ACV, factors in the depreciation of the affected item, meaning that you are likely to be reimbursed for a percentage of the original cost.

How Much Your Policy Will Cover

Reviewing coverage limits is also a good practice. Standard coverage tends to have a limited coverage for certain valuable items, like jewelry. So if your pearl necklace gets stolen, your standard policy will likely just cover up to a certain amount of money, not necessarily meeting or matching its actual price.


Need a home insurance quote or someone to guide you through the process of purchasing personal property coverage? Your AAI agent is there for you. Just give us a call today.

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