Personal Property

Personal Property Coverage insures the Homeowner against damage to or loss of their personal property due to a named peril listed on the policy.  Items that would be insured would include furniture, clothing, electronics, jewelry, guns and art.  Some policies have limits to the Total Value Insured on specific items.  It is important to know the limitations if you have high-value possessions or collectibles.  If needed, these items can be covered on the policy by scheduling them.

There are two types of Personal Property Coverage: Replacement Cost and Actual Cash Value.  The former will pay up to the amount that it would cost to replace the property lost, while the latter would pay up to a depreciated value of the item.  We strongly recommend that your policy has coverage for Replacement Cost rather than Actual Cash Value.

For example, if your home in Santa Monica had a minor fire that burned your couch and love seat, your insurance policy would cover those items under the Personal Property Section.  As with all claims, it is subject to your deductible.

Feel free to contact one of our professionals to review your insurance policy and current coverage.


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