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What Is Personal Property Coverage?

Whether you live in a house, apartment, or condo, personal property coverage is a vital component of your insurance policy. It’s important to know the value of your possessions, so you can be adequately reimbursed when the unexpected occurs. Here’s what you need to know about personal property coverage.

What is Personal Property Coverage?

Personal property coverage — also known as personal property insurance — financially safeguards the belongings inside and outside your home in the event of a fire, theft, or other covered loss. Here are some personal property examples that this type of insurance generally covers:

  • Furniture
  • Electronics
  • Clothing
  • Appliances
  • Sporting goods

Certain high-value items — e.g., fine art, jewelry, antiques — can come with sub-limits, the maximum amount your insurer will pay for a specific item. If you have highly valuable belongings, you may need to purchase additional coverage to protect these items further.

Learn more about personal property coverage.

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Does Homeowners Insurance Cover My Personal Property?

Yes. A standard homeowners insurance policy typically includes personal property coverage, along with dwelling coverage and personal liability insurance. However, personal property coverage is subject to the terms and limits detailed in your policy, which usually includes these types of covered losses:

  • Fire
  • Lightning
  • Smoke
  • Theft
  • Vandalism
  • Falling objects
  • Damage caused by vehicles and aircrafts
  • Damage caused by the weight of snow, ice, or sleet
  • Explosions
  • Hail
  • Windstorm

Learn more about homeowners insurance.

Does Renters Insurance Cover My Belongings?

Yes. That’s why many landlords require you to get renters insurance before moving into their property. Landlord insurance can help protect you against certain incidents, like suffering an on-property injury due to faulty stairs or railing. However, this type of coverage usually doesn’t extend to your personal property. When the unexpected happens, renters insurance can help safeguard your belongings like your computer, TV, and collectibles.

Learn more about renters insurance.

Does Condo Insurance Cover My Belongings?

Yes, as long as you get the right policy. Condo association’s insurance can help cover damage done to the building’s physical structure and the areas shared by multiple owners. However, this policy usually doesn’t cover your personal property. You need a condo owner’s insurance policy to help protect your belongings when disaster strikes.

Learn more about condo insurance.

What Isn’t Protected By Personal Property Coverage?

While personal property insurance covers many perils, it doesn’t apply to all situations. Here are some incidents where personal property coverage doesn’t protect your belongings:

  • Car damage — Let’s say a fallen tree limb seriously damaged your vehicle while it was parked in the driveway. Personal property coverage typically doesn’t cover this type of peril, even if the car is technically your personal property. Instead, you’ll likely rely on the comprehensive coverage on your auto policy to cover repair costs.
  • Flooding — Personal property insurance won't cover the damage if any of your belongings get destroyed during a flood.. You need to purchase flood insurance to safeguard your property from this natural disaster.
  • Earthquakes — Personal property insurance doesn’t cover belongings damaged from an earthquake. You must purchase earthquake insurance, which we highly recommend for California residents.
  • Sewage backup — Mercury offers Service Line Protection to help safeguard your belongings from sewage damage and related perils.

Whether it’s your high-end computer or expensive jewelry collection, these valuable items need protection whenever the unexpected happens. Our homeowners insurance gives you peace of mind at an affordable price. Get your free quote today and protect your personal property with Mercury.