Simply put, personal property cover is the type of insurance cover that protects items in your home such as furniture and other personal belongings. Many people are usually surprised to realize that their personal property is worth much more than what they had previously thought. In the event that these properties are lost or damaged, the personal property cover could help you cover the costs of replacing them. It is therefore advisable to walk around your home and figure out how much your belongings are worth so that you can knowledgeably choose the amount of personal property coverage that you need. A good way of keeping track of the value of your stuff is keeping receipts and taking pictures of these items. This will come in handy when seeking out personal property insurance providers.
Depending on the insurance provider that you choose, there is also what is known as scheduled personal property. This is optional protection you can simply add to your homeowners policy so as to cover high value items. This is important because even though personal property coverage can help protect the majority of your belongings, most if not all insurance companies set limits on certain items such as jewelry. A case in point is that your policy may cover a single piece of jewelry that’s maybe worth $2000. If you own a $200 necklace which gets damaged and requires replacement, then you are covered. But if you own a $ 10,000 necklace then you should have a scheduled personal property cover which will help you insure the piece for more than the $2000 limit.
In the event that your personal property listed on your policy needs to be replaced due to a covered loss, the insurance company of choice can help you in two main ways. One of the ways it can do this is by adopting the Actual cash value approach. This does imply that your belongings are covered at fair market value. This means that in case of a loss, you will be paid replacement cost less depreciation. In such a case, your items could be covered for the amount you’d get if you sold them at an online auction or yard sale. The other option is replacement cost coverage. With this cover, your insured personal property is typically covered for what it would cost to purchase them new at the time of the claim.
You should therefore take your time to find out the cost implications of each of the above mentioned offers and talk with your agent regarding the best option for you. To reduce your insurance costs, make sure you inquire about multiple policy discounts. Alternatively, ask if there are other discounts available to you due to your age. You should also choose a higher deductible; this is the portion of each covered loss that you pay before your insurance company starts paying for the loss. Generally, the higher your deductible, the lower your insurance premium. Here are some of the most popular personal property insurance providers readily available in the market. These include but are not limited to the following:
1) Allstate Insurance Company
Mailing Address: P.O.Box 660598, Dallas, TX 75266-0598
Phone Numbers: 1-800-255-7828
Web URL: http://is.gd/NJZLri
Types of Coverage: apart from normal household property, the company does provide other forms of property insurance such as Renters insurance, Condo Insurance, Landlord Insurance and Mobile Home Insurance.
Policy Deductible Costs: The Company does offer a policy deductible which is the amount you have to pay before the insurance kicks in. typically, the higher you go, the more you are bound to save.
2) Selective Insurance Company of America
Mailing Address: 40 Wantage Avenue, Branchville, NJ 07890-100
Phone Numbers: 973-948-3000
Web URL: http://is.gd/zIS0G6
Types of Coverage: apart from personal property cover, the company does also offer a variety of optional enhancements which include increased theft coverage on jewelry, identity theft, coverage for lock replacement, water back-up and refrigerated property amongst a whole host of others. For enhanced optional coverage, the company has the Selective Edge®which has lots of other interesting options such as large loss Deductible Waiver, Guaranteed Replacement Cost as well as non-building structures.
Policy Deductible Costs: the company does have a homeowners insurance deductible cost. Typically, the more you pay, the more you will save.
3) Metropolitan Life Insurance Company
Mailing Address: 1095 Avenue of Americas, New York, NY 10036
Phone Numbers: 1-800-438-6388
Web URL: http://is.gd/7X2ohn
Types of Coverage: apart from personal property cover, the company does also offer a wide variety of covers such as property and liability coverage for tenants, boarders and roomers as well as business liability. There are also other types of property insurance on offer such as Condo Insurance, Renters Insurance, Landlord’s Insurance as well as Mobile Home Insurance.