Homeowners insurance protects your home, but what about what’s inside? When peril strikes, knowing your belongings are covered financially can make a world of difference.
Here’s a basic guide to how personal property coverage can help secure your belongings.
What does personal property insurance cover?
Personal property coverage offers financial protection for your personal items if they’re damaged by certain perils.
Personal belongings covered under this policy type can include:
- Electronics.
- Furniture.
- Art.
- Clothing.
- Appliances.
There are two coverage types for this insurance: named perils and open perils.
Named perils policies only cover you specifically from perils listed. An open perils policy covers everything except the specific exclusions provided.
How does personal property insurance work if you rent versus own?
Personal property coverage is included with renters insurance. It covers personal belongings the same way it would with homeowners insurance.
However, the building you’re renting is not covered under the same policy. Instead, the property owner will have their own policy for the building itself.
What's not covered by personal property insurance?
Personal property insurance typically doesn’t cover:
- Flood damage.
- Pets.
- Auto-damages.
How much should I expect to pay for PPI?
Personal property insurance usually comes as part of homeowners or renters insurance.
The average cost of a homeowners policy is about $1500 per year, while renters insurance costs about $160 per year.
Personal property coverage can mean greater peace of mind. Discuss your coverage options with an insurance company to make the best decision for your property.
About the Author
Jodie Franklin
I love helping people find their dream home or sell their house in order to achieve their next goals. I have been working hard for my clients for over 18 years throughout southeast Michigan. I have experienced every kind of transaction there is.
Helping my community and being involved is extremely important to me. I am Past President of the Michigan Ability Partners board, which helps Veterans and people with disabilities reach independent, self-supported, and satisfying lives. I have also been a member of the City of Milan Tax Review Board and Zoning Board, and involved in Milan Main Street. I have been a major sponsor of events for Michigan Ability Partners, Aid in Milan, Milan Main Street, and many more organizations that work to make our communities better.
I was 2018 President of the Ann Arbor Area Board of Realtors, Realtor of the year in 2016 for AAABOR and nominee for Michigan Realtor of the Year. I serve on many committees with the local board, state board and was a member of the Housing Opportunity Committee for the National Association of Realtors (2018-19). I am currently serving my second term as a Michigan Realtors Board of Directors.
I have liked in Milan for over 20 years and enjoy living here with my husband Cliff, son Evan, and dog Rosie.