Personal property coverage is part of a property insurance policy that protects items not attached to the actual building structure, such as furniture, appliances, and clothes, against damage or loss. In the event of a covered loss, such as theft or fire, it helps pay for their replacement.
Personal property coverage is usually a fixed percentage of the property insurance coverage. For example, a $100,000 policy that allows up to 40 percent of personal property coverage could insure your belongings for $40,000.
If you own especially valuable property, such as antiques or expensive jewelry, a standard homeowner’s policy may not offer enough personal property coverage. In this case, you can buy extra coverage, known as personal property floaters, specifically for individual, valuable items.
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