Augusta
VIP Contributor
The Personal property coverage is a type of coverage under the renters insurance for tenants. As the name implies this type of coverage is for only the personal property of the insured.
This will include the furniture in the home, vandalism,clothing jewelry, rugs, , dishes, pots and pans,falling objects and electronics.
With personal property coverage the insured will need to select a policy limit. The limit will be the maximum amount the insurer will pay any time the personal belongings get stolen or damaged in this case one can choose about $15,000 in coverage.
An insured has the option of choosing between actual cash value and replacement cost coverage. Replacement cost coverage is a lot costly than actual cash value. The good thing is that this coverage doesn’t take depreciation of items into account. but actual cash value takes into consideration the depreciated value. Actual cash value would pay only the depreciated value of the item
You should know that some items have either special limits or sub-limits for specific types of losses.
This means that If an insured want more coverage for high-value things one will need schedule in a way that they are paid what they’re worth when the things are stolen
This will include the furniture in the home, vandalism,clothing jewelry, rugs, , dishes, pots and pans,falling objects and electronics.
With personal property coverage the insured will need to select a policy limit. The limit will be the maximum amount the insurer will pay any time the personal belongings get stolen or damaged in this case one can choose about $15,000 in coverage.
An insured has the option of choosing between actual cash value and replacement cost coverage. Replacement cost coverage is a lot costly than actual cash value. The good thing is that this coverage doesn’t take depreciation of items into account. but actual cash value takes into consideration the depreciated value. Actual cash value would pay only the depreciated value of the item
You should know that some items have either special limits or sub-limits for specific types of losses.
This means that If an insured want more coverage for high-value things one will need schedule in a way that they are paid what they’re worth when the things are stolen
