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Ask an Agent: What is Renters Personal Property Coverage?

Published: July 2016

Personal property coverage is part of a typical renters insurance policy. This coverage may help pay to replace your belongings, such as furniture or electronics, if they are stolen or damaged by a covered peril.

Allstate agent Kevin Greenwell tells the story of one customer who came home to discover that his house had been broken into and many of his valuables stolen. Watch the video to learn how his renters personal property protection helped him replace what was taken.

Video Transcript

(Voiceover): I'm Kevin Greenwell, and I'm an Allstate agency owner in Estero, Florida. I'm here to talk about personal property protection, which is part of a standard homeowners, renters or condo insurance policy. This coverage may help pay to replace your belongings, such as furniture, clothing or electronics, if they are stolen or damaged by a covered loss.

I often tell customers about how renters insurance helped a good friend of mine. He had just graduated college, gotten a job, and moved into a rented house with some friends. He came home from work one day to find someone had broken into his house.

Practically everything that had value was taken. He had a computer, a nice camera, a TV, DVD player, designer sunglasses – all of that was gone. He also lost documents like his birth certificate which needed to be replaced.

He called the police and filed a report. He was devastated – he lost a lot of stuff, and it hit him hard.

Now, my friend had renters insurance, and he's the kind of guy who keeps receipts and manuals. That helped him get his claim resolved faster because it helped him document what he owned and the approximate value of it.

Within two weeks he had received a check for around $15,000 — he only had to pay his deductible. Fortunately, he had purchased replacement cost coverage, which covers belongings at their current retail prices. As a result, he was able to replace all of items that had been stolen.

He was relieved that he'd decided to purchase renters insurance. Without that protection, he would have had to pay out-of-pocket to replace the stuff that was taken.

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Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications. Allstate Insurance Company, Allstate Indemnity Company, Allstate Fire and Casualty Insurance Company, Allstate Property and Casualty Insurance Company, Northbrook, IL. © 2016 Allstate Insurance Company, Northbrook, IL.
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