Personal Property Coverage

What Does Personal Property Coverage Mean?

Personal property coverage is a component of a property insurance policy that protects belongings not attached to the building, such as furniture, appliances, and clothing, from damage or loss. In the event of a covered incident, like theft or fire, this coverage helps pay for the repair or replacement of these items.

Insuranceopedia Explains Personal Property Coverage

Personal property coverage is typically a fixed percentage of the total property insurance coverage. For instance, a $100,000 policy with a 40% personal property coverage limit would insure your belongings for up to $40,000.

If you own particularly valuable items, such as antiques or expensive jewelry, a standard homeowner’s policy might not provide sufficient coverage. In such cases, you can purchase additional coverage, known as personal property floaters, specifically to protect these high-value items.