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It seems almost every month we are inundated with insurance offers that we “must purchase”. Many consumers can easily get lost in the noise of all the advertisements, and sometimes miss important policies to consider. Personal property insurance is coverage that you definitely want to consider and may need to use at a future point. At TSL Insurance, we are educated on all types of various insurance policies, and work hard at providing the most important to our clients. If you need a more in-depth dive of personal property coverage and what exactly it entails, read on to learn about this policy and how it can relate to your individual situation.

What is Personal Property Insurance?

Like the name suggests, personal property insurance covers your personal items and property that may not be covered in one of your standard insurance policies. This can include TVs, laptops, and other items that you own, even those not high value. A good way to look at it is this: it covers all of your belongings inside your home, that are not your home. It can also cover property that doesn’t apply to you. For example, if a friend came over and left your bike at their home, and someone robs you and steals the bike, that would be covered under this sort of policy.

What isn’t Included in Personal Property Insurance?
There are a couple of things to be aware of that aren’t included in a typical personal property policy. This will comprise automobiles or other motorized vehicles, any animals, and sometimes items not owned by you. Keep in mind it won’t cover items belonging to roommates or landlords. If you are a renter, and already have renter’s insurance, discuss with your agent if you need this additional policy. Just like renter’s insurance covers almost everything inside your home, so will personal property insurance.

In What Event Would You Use Your Personal Property Coverage?
Typical named perils will be covered in this policy. You will want to read the fine print, but this should include lightning, fire, bad weather, freezing, theft, smoke, vandalism, etc. If you have a fire in your kitchen or someone robs your home, this will all be covered in your personal property insurance.

Are Items Like Jewelry and Art Covered?
Technically yes, but there is a caveat. There will be a max limit, and it’s possible the value of these items could go beyond that limit. If you are concerned that you may need a bigger policy limit to account for these items, talk with your agent to find an adequate policy.

How Do I Decide How Much Coverage I Truly Need?
The simplest way to figure out coverage needed would be to tour your own home, using videos and pictures to document your items. Put a price point on your more valuable items, including just choosing a round number for your general collection, for example, your shoe collection. After that, round up to the nearest 10k to make sure everything is accounted for. 

Property Coverage You Can Count on at TSL
Like we previously discussed, one of the most important elements of choosing an insurance provider is based on trust. Without honesty and transparency, it can be tricky to know which kind of policy you truly will need to protect you. TSL Insurance is your local insurance firm, knowledgeable in regards to all types of policies that you may need. We would love to have the opportunity to sit down with you and learn your individualized needs. Contact us to schedule an appointment and we’ll make sure you have the appropriate coverage for your life.