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Personal Property Coverage

How to Choose Personal Property Coverage

Do you know how much your belongings are worth? The figure is often much more than our customers initially think. Taking the time to assess what you own, and to understand how your coverage works, can help you make sure everything you value is adequately covered.

Start by walking around your home and look for items that you spent a lot of money on, or that have appreciated in value since you got them. Having a record of those items (pictures, documents, etc.) - especially those most important to you either financially or personally, is very important in working to ensure they are protected properly. Talk with your Allstate agent on the types of coverages you might want to consider.

You also may want to download Allstate's Home Inventory Tool or iPhone application to help you record these items and make them more accessible to you (either on your phone or saved as an electronic file away from your home) should a disaster occur.

Finally, you will need to make a decision about how to insure your belongings and choose coverage options to suit your individual replacement needs.

Actual Cash Value vs. Replacement Cost

Actual Cash Value and Replacement Cost coverage options refer to different ways your belongings may be replaced in the event of a covered loss. Many of your belongings will decrease in value over time, so it's important to consider this when you purchase coverage for protecting your personal property.

Actual Cash Value Coverage

Your personal property is typically covered for what you might expect to get if you sold it at fair market value - possibly at a garage sale, online auction site or other sales event - as replacement cost minus depreciation.

This coverage option may allow for the insured item to be replaced with a used item but not always a new one. Premiums for Actual Cash Value insurance coverage though generally cost less than those for the Replacement Cost coverage option.

Replacement Cost Coverage

With Replacement Cost coverage, your insured personal property items are usually covered for what it costs to buy them again at the time of the claim as new, although premiums for this type of insurance are typically higher than the Actual Cash Value insurance coverage option.

Item Categories and Limits

Insurance companies often group certain kinds of things into categories - and sometimes assign maximum amounts that can be paid to replace all of the items or even single items in the category. Your total property limit may give you the impression you have plenty of coverage, but you may find that your category limit on computers isn't nearly enough to replace all of the computers in your home.

Insuring High Value Items A common item in a category covered by your policy, such as a watch, may be worth $25 or $5,000. Because this category can vary so greatly in value, your policy may set a "per item limit."

For example: There may be a $1,000 limit per piece of jewelry and a $2,500 limit for all jewelry as a group. If you own a couple of inexpensive watches, you're in great shape. If you own a watch that has appraised for $10,000, you have an option to cover that specific watch at a higher amount.

If your valuables exceed per item limits, you may want to ask your agent about a Scheduled Personal Property coverage option to better protect more valuable items.

Insuring Groups of Valuable Items

You can use an Optional Coverage to raise the group limit on a category covered by your policy, such as computers — or you can use it to insure an entire category of items that are not covered by your policy because they are less commonly owned.

To make sure your belongings are adequately covered, you'll want to go over your policy's category and item limits with your agent. Find an agent now. Learn about other types of residential insurance coverage How are you covered in the event of a lawsuit? Allstate's liability insurance overview can tell you. How will you help pay for your guest's medical bills in the event of an accident? Learn more about guest medical coverage. How are you protected against flood damage? Read about flood insurance.

Insuring Groups of Valuable Items

You can often use an Optional Coverage to raise the group limit on a category covered by your policy, such as computers — or you can use it to insure an entire category of items that are not covered by your policy because they are less commonly owned.

To help make sure your belongings are adequately covered, you'll want to go over your policy's category and item limits with your agent. Find an agent now.

Learn About Other Types of Residential Insurance Coverage

  • Liability Insurance: How are you covered in the event of a lawsuit? Allstate's liability insurance overview may help outline some options you might not have considered.
  • Guest Medical Insurance: How can you help pay for your guest's medical bills in the event of any accident on your property? Consider Allstate's guest medical coverage.
  • Flood Insurance: Can you purchase flood insurance coverage?
    • Is it even available in your area? Not sure? Your Allstate agent may be able to help answer these questions and offer you some recommendations.

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An Allstate agent can help you determine which discounts you qualify for, and what level of coverage may be right for you.

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The availability, qualifications and amounts of these coverages and discounts may vary from state to state. In addition, other terms, conditions and exclusions not described above may apply, and total savings may vary depending on the coverages purchased. In some states, we may offer coverages and discounts that are not listed here. For more information regarding your eligibility for certain coverages and savings opportunities, please contact your Allstate agent.

Coverage on fine arts, firearms and business personal property is limited to within the United States of America and Canada and is subject to availability and qualifications.

Scheduled Personal Property is covered on an actual cash value basis. A deduction for depreciation may apply. Please note that other restrictions may apply. Payment will not exceed the amount necessary to repair or replace the damaged item(s) with property of like kind or quality, or the amount of insurance, whichever is less. Please contact your Allstate agent for more information about Scheduled Personal Property Coverage. Different rates apply for professional and non-professional musical instruments. A higher rate is applicable to professional musical instruments insured under SPP coverage. Discounts subject to availability and qualifications. Amounts may vary from state to state. Total savings may vary depending on the coverages purchased. For more information regarding your eligibility for these savings opportunities, please contact your Allstate agent.

When the Scheduled Personal Property item is removed from the vault, the insured must notify Allstate in advance or the SPP Endorsement ceases to cover the item. The insured must also pay the additional premium for the time the item is not vaulted. Scheduled Personal Property Coverage is subject to the terms and conditions of the policy. This is a brief coverage description; this is not a contract. Please read an Allstate policy for full details. Optional Coverages "J" and "BP" are subject to the terms and conditions of the policy. This is a brief description of the coverages; this is not a contract. Please read an Allstate policy for full details.

Coverages and discounts are subject to availability and qualifications. Other terms, conditions and exclusions may apply.

Excess Flood Insurance coverage may currently be available but only in the following states: Alabama, Alaska, Arizona, California, Colorado, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Louisiana, Maine, Maryland, Michigan, Mississippi, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia, Washington. In order to qualify for an Excess Flood Insurance Policy, you first need to purchase a National Flood Insurance Policy through Allstate. Excess Flood Insurance is provided by one or more insurance carriers not owned by or affiliated with Allstate Insurance Company. Excess Flood Insurance is subject to availability and qualifications. Other terms, conditions and exclusions may apply. Contact your local Allstate agent to find out whether Flood Insurance coverages are available in your area.

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