Succeed with the best personal property coverage
A common question that I get from my customers relates to the Personal Property Coverage C, or Personal Property (or as it is sometimes called – Contents) Coverage.
Frequently the coverage limit for this portion of a Homeowners or Dwelling insurance policy will be 50% of the Coverage A or Dwelling section.
So if your Home or Condo (the dwelling) is covered for say $200,000 then usually the Personal Property coverage limit will be half of that, at $100,000 in this example.
Get the most out of personal property coverage
Some insurance companies will not let us, your Agent, decrease this limit.
Many of my customers will say to me ‘I don’t think I have that much ‘stuff’ to ever get to the limit of this coverage. Perhaps this is true, and in the next post here at Florida Insurance Guy we will uncover a few ways to save money on this portion of your Homeowners Insurance.
For the moment, we will assume that the Insurance Carrier that we have for you will allow a reduction in the Personal Property coverage. This alone can reduce your insurance premium, as there would be less total losses for many of the covered claims such as a Fire, Smoke damage, Theft, and even Windstorm or Hurricane events.
On the flip side, you don’t want to go to an extreme and under-insure yourself in this category.
Having just gone through a tragic event such as a house fire and then finding out that you only had a minimal amount of Contents / Personal Property coverage would only compound your grief.
Check with your Agent – ME – and we can get together and review to make sure that you have the correct coverage limits for your Coverage C Personal Property portion of your policy.
Next post will discuss ACV vs RC and then after that, keeping a list of your items with photographs to smooth out your record keeping for the possibility that you will need to verify your belonging in a Claim.
Stay Tuned for more good info here at Florida Insurance Guy!
Keith Royle – Triton Insurance Your ‘Florida Insurance Guy’