property insurance

What is personal property insurance?

 What is personal property insurance?

Personal property insurance is part of the standard homeowner, renter, or condominium policy and is known as Cover C. It protects your property (i.e., the objects inside your home). The amount of personal property coverage covered by a policy may vary by insurer, but is usually a certain percentage of your home’s coverage. Home insurance, known as Cover A, protects the physical structure of your home. So if you have $250,000 worth of housing coverage and your personal property is set at 50% of that amount, you will be insured for $125,000.

What does personal property insurance cover?

Personal property insurance covers items in your home, including furniture, clothing, appliances, etc. If your property is damaged or stolen as a result of a covered hazard, the insurance company will pay for the repair or replacement of those items up to the limit specified on your policy for this coverage. There is usually an included deductible, which is the amount you pay for damages before the insurance company pays you out.

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