Homeowner's Personal Property Insurance Definition

If you are a homeowner, you probably have insurance on your home. The insurance not only covers the structure, but it may cover your personal property as well. In the event of a fire or other hazard, your personal property will be replaced or paid for with the coverage.

Identification

Homeowner's personal property insurance covers your personal belongings and the contents in your home such as furniture, clothing, appliances and things of this sort.

Significance

The amount of coverage you have on your personal property will depend on your insurance company. Some companies will compute the coverage based on a percentage of the dwelling coverage. Your company may use 50 percent to 70 percent of the dwelling coverage.

Effects

If your personal property is damaged, you will need to call your insurance company to file a claim. Filing a claim will enable the insurance company to investigate and eventually replace your property.

Warning

All types of personal property are not covered. You may not get coverage for some collectibles, rifles, gold and other items. Always check with your insurance company to see what is not covered. You may have to take out a policy with another insurance company that insures specialty items.

Prevention/Solution

To make sure all of your personal property is covered, you may want to make an inventory list and take photos of your personal property.

References

• FinancialWeb: What Does Homeowner's Insurance Cover