What Is Personal Property Coverage?

Often viewed as the main reason for getting renters insurance, it’s a good idea to understand what is personal property coverage on renters insurance.  We’ve enlisted Eric from Effective Coverage to give a brief video explanation of what perils the policy protects your property against, and you can scroll down further for more information.

What Is Personal Property Coverage On Renters Insurance?

First, what is personal property?  It’s anything that you own that isn’t real property (a home) or business property.  “You” in this case means your family that lives with you.  Personal property coverage on renters insurance protects you from a list of renters insurance named perils.  Those perils include fire, theft, and vandalism, as well as many more that are covered in the video.

If something valuable were stolen from you, what would you do?  Could you replace that laptop?  Could you replace the software you’ve purchased over the years?  If you could, would you want to?  Just because it was stolen doesn’t mean you should have to pay for it out of pocket.  Personal property coverage on renters insurance means that you don’t have to.

Generally there’s a small deductible on the policy, so the first few dollars of the loss are paid by you.  From there, the personal property coverage kicks in and covers the damage or loss up to the policy limit.

Some kinds of personal property need to be declared and paid for separately.  An example would be jewelry.  Often, there’s a limit for a class of property like jewelry of, say, $1,500.  You can have that limit increased without paying to increase the total amount of the coverage.  These limits apply to things that are easily lost or stolen like jewelry and cash.

Remember, you don’t have to replace your things out of pocket if there’s a fire or a theft.  Just a few dollars a month protects it all.  Did you know that the national average price for renters insurance is just fifteen dollars a month?  Why aren’t you protected?

The 2015 Renters Insurance Challenge is an industry-wide effort sponsored by Effective Coverage, the only full-service insurance provider focused exclusively on renters.  They can be reached through the link above, or at (800)892-4308.