personal property coverage

The personal property coverage of your homeowners insurance could help protect you in the event that your personal belongings are damaged or destroyed by a covered loss

But, consider this: In the event that you do experience a loss, do you know exactly what you own...or, how much it's all worth? And do you know how your personal property coverage works?

First, before you experience a loss, it's a good idea to take inventory of your personal property, complete with pictures and the purchase price of each item. This can help simplify the process of filing a claim.

Then, make sure you know what type of personal property coverage you have. A "replacement cost" policy typically pays the dollar amount it would take to buy a new item at the time of a claim, while an "actual cash value" policy pays the cost to repair or replace minus depreciation.

Finally, you should know that personal property coverage usually has certain limits on what it will pay to replace an item, or a category of items. If you have possessions that are worth more than the limits set in your policy, you may want to look into higher limits or additional coverage to better protect them.

A conversation with an insurance agent may be helpful as you consider your coverage limits. Knowing what you own and understanding how your personal property coverage works can give you comfort in the event of a loss.

Have questions? Contact a local Allstate agent today.