Home insurance : protect house, flat, valuables, theft, damage (2024)

FAQs

Home insurance : protect house, flat, valuables, theft, damage? ›

Personal property coverage helps pay to replace or repair your belongings if they are stolen or damaged by a covered loss (including theft). If an intruder steals items from your home, personal property coverage may help pay to replace them.

A standard homeowners policy includes coverage for jewelry and other precious items such as watches and furs. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism.

You will also have to pay extra to cover possessions that you take out of the home, for example, cameras or jewellery, or to cover a particularly valuable item. Your policy may not cover the contents of a freezer or a mobile phone and there may be an upper limit for a single item. Most policies carry an excess.

Personal property insurance is a component of homeowners, renters, and condo insurance covering the costs of replacing items if they are lost, damaged, stolen, or vandalized.

Homeowners insurance doesn't cover floods, earthquakes, typical wear and tear, and damage due to insufficient maintenance. You can usually add flood and earthquake coverage to your policy for an additional fee, but wear and tear and damage from a lack of maintenance are considered preventable.

At what ring price should I insure my engagement ring? In general, we recommend engagement ring insurance if your ring costs $3,000 or more. Why? You want to protect a significant investment and avoid financial stress should something happen.

Call the police where the theft occurred. Even if the police can't find the thief, they can check their own and neighboring departments' inventories of recovered items. Your jewelry may be turned in or found in the future. Contact your insurance company to report your stolen jewelry.

Personal property coverage — also known as contents coverage on a home policy — helps cover the cost of your personal items if they are destroyed, damaged, or stolen due to a covered loss or peril.

The best way to make sure your valuables are properly insured is to purchase scheduled personal property coverage. Scheduled personal property coverage is an endorsem*nt that can be added to your homeowners insurance policy to increase your coverage limits so your high-value items are properly insured.

You should be able to claim as soon as your policy begins, but check with your insurance provider to be sure. If you've had something of value stolen or damaged and want to claim, contact your insurance provider right away to get the ball rolling.

What is personal possessions cover on home insurance? ›

It covers your everyday belongings against accidental loss or damage in and outside the home. This includes mobile phones, laptops, clothing, cash, jewellery, musical instruments and sports equipment. It's an optional add-on that you can buy with, or add to, your contents insurance policy.

Many things that aren't covered under your standard policy typically result from neglect and a failure to properly maintain the property. Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered.

A homeowners insurance policy could also typically cover some personal items such as furniture and appliances. For this reason, homeowners insurance is often referred to as a type of personal property insurance.

Earthquakes, landslides and sinkholes generally aren't covered under home insurance. Exceptions include Florida and Tennessee, where insurers must offer optional sinkhole protection. Aside from that, you'll need separate coverage for these disasters, which your insurer can help you find.

Note: Dwelling coverage on standard policies typically won't protect against damage caused by floods, earthquakes, sewer backups, or lack of maintenance. Learn how flood insurance works and what to do if your home is damaged in an earthquake.

Most home insurance policies cover jewelry for $1,000 and silverware for $2,500 unless items are covered with additional insurance.

Valuable Personal Property insurance FAQ

Most typical homeowners or renters policies cover personal property items, but keep in mind: They may not cover the full value of more expensive items like jewelry, guns, artwork and silverware. You'll have a deductible when filing a claim.

For every $100 it would cost to replace your ring (i.e. its appraised value), you should anticipate paying between $1 and $2. In other words, if you decide to purchase engagement ring insurance for a piece with an appraised value of $10,000, you're likely to pay between $100 and $200 a year for insurance.