There Are Limits On The Coverage Of Some Contents
Some categories of Business Personal Property Protection coverage have a maximum dollar limit that Allstate will pay a policyholder in case of damage or loss. Within these categories, there may also be a limit per single item.
Example: A business owner has a $2,500 limit for all of the outdoor property they own, with a $500 limit per single item.
Note: This is just an example. Your actual limits may vary.
You Can Increase Your Limits
You can increase the limits on many of the coverages in your policy, and you can add other coverages to suit your business needs.
If you've already added increased protection for your business personal property, it will be listed on your Allstate Policy Declarations under Coverage and Applicable Deductibles, or on an additional coverage form.
Actual Cash Value vs. Replacement Cost Provision
The value of most of your belongings decreases over time. With Allstate Business Owners Insurance, you're able to choose one of the following Business Personal Property coverages:
Actual Cash Value typically means your contents are covered for their replacement cost minus depreciation. Depreciation is the decrease in the item's value due to its age, condition or other factors.
Replacement Cost Provision typically means your contents are covered for the amount it would take to replace them at the time of the claim.
Here's how the Replacement Cost Provision works:
- First, we give you a check for the Actual Cash Value of the item.
- When you replace the item, we then issue a separate check for the remaining amount needed to make the purchase.
How To Review What You've Chosen
If you have Allstate Business Owners Insurance, you can review which type of coverage you've purchased by looking at your Policy Declarations under Business Personal Property. With either coverage, a deductible will apply.