When people think of homeowners or renters insurance, they often picture coverage for the structure of their home. But what about everything inside? From your laptop and jewelry to your furniture and favorite shoes; your personal belongings matter, and protecting them properly starts with understanding how insurance coverage works.
Here’s a simple guide to make sure your stuff is covered the right way:
- Take Inventory of What You Own
Start by creating a home inventory, a detailed list of your personal belongings. It doesn’t have to be complicated. Just walk through your home and list items in each room. Include:
• Electronics (TVs, laptops, phones)
• Appliances (microwaves, vacuums)
• Furniture (sofas, beds, tables)
• Clothing and accessories
• Jewelry and valuables
💡 Tip: Take photos or videos and keep receipts or proof of purchase when possible. You can even use free home inventory apps to make it easier!
- Know What Your Policy Covers (and What It Doesn’t)
Most standard homeowners and renters insurance policies cover your personal property—but only up to a certain limit. For example:
• If your policy covers \$50,000 in personal property and your belongings are worth \$75,000, you’re underinsured.
• High-value items like jewelry, collectibles, or musical instruments may have limited coverage (like only up to \$1,000 or \$2,500).
🛑Not everything is covered in all situations. Things like floods or earthquakes usually require separate policies.
- Choose Between Replacement Cost vs. Actual Cash Value
When it comes to a claim, how your insurer calculates the value matters:
Actual Cash Value (ACV) pays what the item is worth today (after depreciation).
Replacement Cost Coverage pays what it would cost to buy a new item of similar kind and quality.
👉 If you want to replace your 5-year-old laptop with a brand-new one, replacement cost is the way to go.
- Consider Adding Scheduled Personal Property Coverage
Have expensive jewelry, art, or collectibles? Ask us about scheduled personal property coverage. It allows you to list and insure valuable items separately for their full value—often with no deductible.
- Review Your Coverage Regularly
Your lifestyle changes over time—you may buy new electronics, upgrade furniture, or receive a gift of expensive jewelry. That’s why it’s smart to review your policy once a year to make sure your coverage keeps up with your belongings.
Need Help Getting It Right?
At Premier Insurance Group LLC, we help you make sure your belongings are properly protected. Whether you’re moving into a new home, downsizing, or just want peace of mind, we’ll walk you through your options and tailor your coverage to fit your needs.
Call us today at 703-880-8800 for a free consultation!
Or send us a message through WhatsApp with 703-468-1012. We’re always happy to help.
Get a free quote now!
