Personal Property Insurance Info

Personal Property Insurance

Personal property insurance is often considered to be a subcategory of home property coverage. It means that when you purchase a home insurance in a property insurance company you automatically get a personal property insurance. It is usually 40% from the value of home insurance. What is personal property according to such an insurance policy? It is furniture, clothes, equipments, electronic devices, etc. but but in a wide sense, personal property is not always something that is within the house. There are many different sub-types of personal property insurance that specify the type of property and deal with specific circumstances. For example, there are some limitations for jewelry, fur coats, musical instruments etc. Such things are mentioned and specified in a special endorsement attached to personal property insurance.

Property insurance

Property insurance has some pitfalls that should be known but an ordinary client to make the right choice as for the type and the terms of personal property coverage. For example there is a great difference if you purchase a personal property insurance with replacement terms or real cash value terms. It means that if you furniture is destroyed by fire, for example, your personal property insurance can cover either the sum of money you’ll need to buy new furniture of the same type or you’ll get just a part from its cost because the age and condition of the furniture will be taken into consideration by an insurance company. It is strongly recommended by specialists in property insuring to have a professional appraisal of valuable personal property, and it is very desirable to have video and photos with tis valuable property. It can very useful if something happens to your personal property.

Сategories of personal property

There are also some categories of personal property that are usually not included into personal property coverage. Among such things are unique and rare things such as paintings, fine art items, because it is very difficult or even impossible to define their real value.

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