Getting Insurance Coverage For Your Personal Belongings
After any type of disaster occurs in your home, whether flooding, fire, storm damage or other manmade or natural destruction, you will probably end up with affected personal belongings. A chair could have been destroyed when a tree fell through the roof of your second story or your clothing might have become irreparably smoke-damaged due to a fire.
The good news is that your homeowners’ insurance may provide you with personal property coverage. This ensures that you get money back to replace your items that were damaged during disastrous events or that you get compensated at their fair cash value.
What Is Personal Property Coverage?
As you might suspect, there is a limit on how much personal property coverage your homeowners’ policy carries. Because the amount differs between providers, you’ll want to discuss this with your independent insurance agency. If you want additional personal property protection, you may be able to add it to your policy.
Although there is no specific definition of “personal property,” Personal Property Coverage, also known as content coverage, can be used to cover furniture, apparel, electronics and your day-to-day belongings. Specialty items such as jewelry, precious metals, furs, coins and related merchandise may need to be insured separately, as well as documented.
One especially notable aspect of homeowners’ insurance personal property coverage is that it protects your items when you aren’t home. For instance, if you travel and your watch is stolen, your homeowners’ insurance may cover the amount to replace it.
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What Type of Personal Property Isn’t Covered?
Not all personal property coverage is suitable for all types of damage. For instance, because homeowners’ insurance policies do not typically cover floods or earthquakes, any items you lose during these disasters are unlikely to be protected by your policy.
If you feel as though you’re likely to lose property due to these natural phenomena, be sure to talk about this concern with your independent insurance agent. That way, you can add to your homeowners’ policy and have more comprehensive coverage.
How to File a Personal Property Claim
After your personal property is damaged, you will want to document what happened through photographs. Fortunately, most people have cell phones and tablets handy. Take as many pictures as you can from numerous angles.
After documenting your damage, contact your insurance agent to file a claim. Be sure to give all the details of your property damage. Be honest and clear. This will help move the claim through the process.
Your insurance carrier will let you know whether you will receive actual cash value or a replacement value for your merchandise. As a reminder, insurers tend to be more conservative in their figures. Should you feel that their proposed reimbursement type is off-base, you may have the opportunity to counter with a different figure if you can back up your amounts.
When your claim is accepted and a figure has been agreed upon, you can expect to receive your monies in one of several ways. You may simply get a check for the full figure, or you may get several checks with smaller amounts over a period of time. Alternatively, your insurance carrier may wish to pay a contractor, supplier or retailer directly from monies that are placed in escrow.
Regardless, you should always keep documentation of your personal property and any losses. Not only is it good to have spotless records, but it may help you in the future as well.
