How much Personal Property Coverage do I Need?
Friday, December 30, 2011
Personal property coverage is also sometimes called contents coverage. It is the portion of your Virginia homeowners insurance policy that covers the replacing of your possessions in the event they are stolen or destroyed by lightning, hail, fire, or other perils listed on the policy. Typically, your home insurance will provide a certain percentage of your dwelling coverage towards your personal contents or belonging. It’s important to not that there are limits on some items and categories.
There is always the option to purchase more coverage based on the value of your personal belongings. The best option would be to do a home inventory of all of your personal belongings. You will want to create a list of your personal possessions along with taking photos, keep the
receipts and other proof of ownership you might have.
Once you have completed a home inventory, not only will you be able to determine the amount of coverage you need, but if the worst happens, you will be better able to prove to the insurance company that you owned all the valuable items. Always remember to keep your entire home inventory finding in a place where it wouldn’t be destroyed in a home disaster.
Most standard Virginia homeowners insurance policies will only pay around $1000-2000 for jewelry that is lost in theft, but often the home owner’s jewelry is more valuable than that. It is recommended that you take out some additional coverage on the pieces that are more valuable to ensure you have adequate coverage.
Image Courtesy of My-homeinventory.com.Source: www.whtsinsurance.com