Personal Property Insurance Coverage
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What is personal property coverage?
Personal property coverage (also known as Coverage C or contents insurance) is the part of a homeowners, condo or renters insurance policy that helps cover the cost to repair or replace your belongings, up to the limits of your policy, if they are damaged, destroyed or stolen in a covered loss. Coverage can apply both at home and away from home.
How does personal property coverage work?
Personal property coverage can help cover the cost to repair or replace your belongings if they’re damaged as a result of a covered cause of loss or stolen, up to your policy limits and minus your deductible. Key components that shape your coverage include your limits, any sublimits, the deductible and the specific risks covered under your policy such as fire, smoke, hail and theft.
What are coverage limits and sublimits?
Your coverage limit is the maximum amount your insurance company will pay for a covered loss. For homeowners insurance, this limit is often based on a percentage of your dwelling coverage (Coverage A).
Some Travelers policies include sublimits for specific types of belongings, like jewelry or cash. Your overall coverage limit may be higher than what applies to those items individually. For example, a policy could have a total personal property limit of $100,000 and a theft sublimit on jewelry of $1,500. If $10,000 worth of jewelry is stolen, the policy could pay out only $1,500.
It is important to understand how coverage limits work because they directly impact your ability to recover financially after a covered loss. You don’t want to be caught underinsured or having to pay more than expected out of pocket.
Deductibles and claims
Your deductible is the amount you are responsible for out of pocket before your insurance coverage kicks in for a covered loss. For example, if your deductible is $1,000 and your covered loss is $5,000, you would be responsible for the first $1,000, and your policy may cover the remaining amount, up to your policy limits. Understanding how your deductible affects your insurance premium and claims can help you choose a deductible amount that fits your budget and comfort level.
What does personal property insurance cover?
Personal property insurance can help cover repair or replacement costs for your personal belongings, from everyday essentials to higher-value items, including:
- Furniture and household items
- Clothing and personal items
- Electronics and appliances
- Sports equipment and hobby items
Coverage typically applies wherever your belongings are located. That includes when traveling or visiting someone else, though items away from home may be covered at a lower limit. It applies to losses or damage caused by covered perils.
What isn’t covered or is limited under personal property insurance?
Personal property insurance does not cover or may limit coverage for some types of losses. Some situations may require additional coverage, such as:
- Flood damage (typically requires separate flood insurance)
- Earthquake damage (may require added coverage)
- Certain items with limited coverage, such as jewelry, cash or certain collectibles
Review your policy with an insurance professional to understand what is covered and where additional protection may be helpful.
How much personal property coverage do I need?
The amount of personal property coverage you need depends on how much it would cost to replace your belongings. There are rules of thumb that estimate coverage at approximately 50% to 70% of your home’s structural coverage. For example, if your home is insured for $500,000, the personal property coverage using this method might be estimated at between $250,000 and $350,000. For renters, there is no structural coverage and typical personal property coverage limits range from $20,000 to $50,000. Of course, it really depends on the items you own and their replacement costs.
You can do a custom calculation based on a detailed home inventory of your possessions and their replacement cost value. Go room by room and list your belongings with their estimated values. This can help you choose your limits and types of coverage. Plus, a comprehensive and current home inventory helps make filing a claim easier.
How much personal property coverage can I select?
Your personal property coverage limit is often based on a percentage of your dwelling coverage, but you may be able to increase or decrease it. The amount you choose depends on what you own and what it would cost to replace it.
Your policy may also set sublimits for certain types of possessions like jewelry or silverware, covering them at a lower amount than your full policy limit. That means you may need to schedule unique jewelry and art on a separate policy or add jewelry and valuable items coverage for these special pieces to your homeowners policy.
Actual cash value vs. replacement cost
Personal property coverage can pay claims at actual cash value or replacement cost, depending on the option you choose.
Actual cash value can cover what your item is worth today. It considers age and wear and tear. Because most items lose value over time, the amount you receive is usually less than what you originally paid for the item.
Replacement cost can cover what it would cost to replace your item with a similar new one. It does not reduce the value for age or use. This option is usually available for an additional cost on your policy.
If a laptop you bought for $1,000 is destroyed a few years later, actual cash value coverage would pay based on what it’s worth now, which is likely much less due to years of wear and tear. Replacement cost coverage would pay based on what a comparable new laptop would cost now. Your deductible and limit would apply, so the final payment depends on your specific policy.
Should I choose actual cash value or replacement cost?
Replacement cost can help you replace your belongings with new items instead of possibly receiving a lower amount based on their current value. Replacement cost usually has a higher premium, but it can make a meaningful difference after a loss. Actual cash value typically costs less upfront than replacement value, but your coverage reflects depreciation, which means you may pay more out of pocket to replace what you lost. Choosing between actual cash value and replacement cost affects both what you pay for coverage and what you receive after a claim.
How to insure your personal property
Personal property coverage is available through homeowners, condo and renters insurance policies. You can get a quote directly from Travelers or by contacting your insurance agency.
Homeowners insurance
A homeowners insurance policy typically includes personal property coverage, and you can adjust the limit based on what your belongings are worth. Your agent can help you find the amount that fits your needs.
Condo insurance
A condo insurance policy works like a homeowners policy, but the structural coverage works differently. Your condo association’s policy typically covers the building and common areas, while your condo policy covers your belongings and certain parts of your unit’s interior.
Renters insurance
If you rent your home, your landlord insurance doesn’t cover your belongings. Renters insurance helps protect your furniture, electronics, clothing and other personal items. If you’re unsure whether your current coverage is enough, reviewing your policy or speaking with an independent agent can help you explore your options.
Do I need more personal property coverage?
Personal property coverage protects many of your belongings, but some items may be worth more than your policy’s standard limits allow. If you own valuables like jewelry, certain collectibles or other high-value items, it’s worth checking whether your current coverage is enough.
Items with limited coverage
Some belongings have lower coverage limits even if your overall personal property coverage is higher:
- Jewelry, watches and other valuable items
- Musical instruments
- Silverware and precious metals
If the value of these items exceeds what your policy covers, scheduled personal property coverage, also called a personal articles floater, may be worth considering. It lets you insure specific high-value items up to their appraised value, with higher limits and broader protection than a standard policy provides. You can add it to your homeowners policy or purchase it as a stand-alone policy.
Scheduled personal property coverage
Scheduled personal property coverage, also called a personal articles floater, allows you to insure specific high-value items beyond your home policy limits. This can be purchased as a stand-alone policy and is designed to provide higher limits and broader protection for items such as jewelry, certain collectibles or specialized equipment.
Why Travelers personal property coverage?
Travelers has been protecting homes and what’s inside them for more than 170 years, and we’re here when you need us.
Competitive rates and available discounts. Travelers offers competitive rates, with savings available for bundling home and auto policies, installing protective devices like security systems and fire alarms, and owning a LEED-certified green home.
Scale and stability, with local access. Travelers partners with more than 15,000 independent agents nationwide because the right coverage depends on where you live and how you live. Your agent knows your local market and can help you find a policy that fits your needs.
