What is Personal Property Coverage on a Home Insurance Policy?
Personal property is also known as contents coverage and that's exactly what it covers. It's those items that are contained in your home that are easily movable and not permanently attached to your building. Items such as: furniture, clothing, artworks, instruments, and even bicycles.
A good way to describe personal property is to imagine you are able to pick up your home, turn it upside down and shake out the contents. Whatever falls out would be Personal property and whatever stayed attached to the home, would be considered building or dwelling coverage.
We recommend at least 25% of your Dwelling Coverage and 50% if you've been living in your home for more than 5 years.
Personal Property Coverage Standard Limits
If you have $400,000 in Dwelling Coverage, insure at least $100,000 in Personal Property or $200,000 if you've been accumulating things over the years.
For Condo units, personal property coverage usually starts at $20,000 for a new purchase and at least $50,000 if you've lived there awhile. Keep in mind, higher limits are always available depending on your needs.
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