MONDAY, SEPTEMBER 14, 2020
Among the possible coverage's offered under a home insurance policy, personal belongings coverage is one of the easiest to misunderstand. Personal belongings coverage comes with both basic and comprehensive home insurance plans and is designed to compensate you if your personal belongings are lost, destroyed or damaged.
What Does Personal Belongings Coverage Cover Against?
Causes of loss or damage covered under personal belongings insurance include:
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Fire
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Lightning
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Smoke
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Wind
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Hail
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Explosions
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Theft
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Vandalism
If someone breaks in and steals your purse, wallet and other items, for example, personal belongings coverage will step in to help you replace the items rather than leaving you to replace your stolen things out of pocket.
There are exclusions under this coverage, however. Damages to your items caused by flooding and earthquakes are generally not covered under a basic home insurance policy. You may purchase coverage for floods and earthquakes separately from an insurer.
What Items are Not Included Under Personal Belongings?
While most of your belongings will be covered under home insurance, there are certain limitations. Expensive items such as jewelry, art and furs may have limited coverage. If you need additional coverage for your expensive belongings, such as an engagement ring, you may purchase policy floaters to compensate for the limitations.
What if Someone in My House Breaks My Things?
If a relative, someone within your household or a regular pet damages your items, those items likely won’t be covered under home insurance. For example, if your dog gets bored while you’re gone and chews up several pairs of your expensive shoes, home insurance will not compensate to replace them. The same applies if your toddler shatters a vase while you’re not looking.
If someone visiting steals something from you, however, you may file a home insurance claim to receive compensation for the theft. You may need proof that they stole your belongings, however.
Does Personal Belongings Coverage Cover Things in My Car?
Contrary to popular belief, home insurance (and personal belongings coverage) does extend beyond the confines of your home. Items in your purse, backpack and vehicle are still covered under your home insurance policy’s personal belongings coverage whether you’re on a trip, at work or at school.
It is still important to keep your belongings safe, however, by making sure your items are out of view from anyone passing your car and not leaving your purse or bag unattended.
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