This coverage insures your personal belongings and furnishings (personal property) kept in your home, subject to your deductible.
Personal property is usually insured for causes of damage on a “named peril” basis, meaning for you to be covered, the cause of damage, such as fire, must be specified in writing in your policy contract.
A few homeowners insurance companies will offer broader coverage for your personal property on an “open peril” basis, meaning damage to your property is covered, subject to your deductible and any limitation written in the policy, unless it is specifically excluded.
For example, you drop and break your big screen television while trying to move it in your home. If the damage is more than the deductible, and it is not excluded from your homeowners policy, it may be covered if you have “open peril” coverage, but it is not covered if you have “named peril” coverage.
“Named peril” coverage is fine for most people, because you pay more for “open peril” coverage for your personal property, and the broader coverage encourages smaller claims that your agent will most likely recommend you do not file.
However, if you have a lot of expensive, high-quality personal property you may want “open peril” coverage for your personal property.
“Open peril” coverage for your personal property is offered by a few homeowners insurance companies, usually through independent insurance agents that sell to high net-worth customers.
Don’t take the chance you will feel ripped off after you have had a claim, by shopping for the coverage you need at the best price with a reputable insurance company.
Like Coverage B: Detached Structures, the amount of Personal Property coverage is based on a percentage (50%-75%, depending on the homeowners insurance company) of the amount for which the house is insured — which may, or may not reflect your actual needs to replace your Personal Property.
People usually under-estimate the amount of Personal Property coverage they need. This website, knowyourstuff.org, can help you determine how much you need. In addition, you create a home inventory. If you lose everything in a fire, you will have a record of what you own, so you will not forget any of your personal property items.
I also recommend using a camcorder to make a visual record of all your property, and keep the video off the premises, somewhere safe.
Insurance shopping tip: If you are sure you need less personal property (and keeping in mind it is easy to forget to update your insurance when you buy new things), a few homeowners insurance companies will lower your premium for less Personal Property coverage. However, many homeowners insurance companies offer only the basic percentage or more.
Warning: Personal property kept away from your home, at another house, dorm, apartment, etc. or in storage can be limited to 10% of the the amount of insurance you have for contents.
For example, if you have $50,000 for your contents coverage, all property you keep away from your home is limited to $5,000.
If you own another property, rent a storage unit, have a child living away from home, or any other situations where you may have a significant amount of your belongings away from home, inform your agent to secure proper insurance coverage.
Avoid this homeowners insurance mistake: Many people find out about the limitations and exclusions on their personal property after they have had a claim. Items such as jewelry, watches, furs, tools, silverware, goldware, cash, coins, cameras, computer hardware & software etc. have limits on coverage.
For example, you may have $75,000 for your Personal Property coverage, but there is a limit of $1,000 for all jewelry,watches, and furs that are stolen. If you have $15,000 in jewelry and the jewelry is stolen, the most your policy will pay is $1000.
Other types of personal property can be limited, too. Be sure to have your agent review all the personal property limitations and exclusions to you, and adjust your coverage as needed.
Please see my blog post regarding scheduled personal property / personal property limitations & deciding when you need more coverage.
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