Personal property insurance, otherwise known as contents coverage is the portion of your home insurance policy that covers the cost of replacing possessions in the event they are destroyed (in a covered claim). Typically a home insurance policy will provide 50 - 70 percent of your dwelling coverage towards contents/personal belonging coverage.
Performing a home inventory is the best way to assess whether you may need more contents coverage. A home inventory is when you make a list of all of the personal possessions in your home, particularly the larger, more expensive items. The best home inventory involves photos, videos, and any receipts you have saved. Aside from a home inventory allowing you get a better idea of the value or your possessions it can also come in handy in the event of a disaster. Having an extensive home inventory can make proving to your insurance company that you really owned that 60 inch flat screen much easier in the event that something happens to it! After you’ve compiled a home inventory, keep it in a safe spot like a safety deposit box so that if something happens to your home, you have a copy handy.
If you’re not sure you have the coverage you need, especially for more high priced items, it’s always a good idea to talk with your agent. Maybe you need jewelry insurance for that expensive necklace or even fine arts insurance for that collectible art piece. It’s always better to be safe than sorry, so give your agent a call with any questions you have about your coverage!