Personal Property Coverage

Do you know how much all of your belongings are worth? The figure is often much more than you would initially think. Taking the time to assess what you own, and to understand how your coverage works, can help you make sure everything you value is adequately covered.

Start by walking around your home. Look for items that you spent a lot of money on, or that have appreciated in value since you got them. Having a record of those items (pictures, documents, etc.), especially those most important to you either financially or personally, is very important in working to ensure they are protected properly.

Finally, you will need to make a decision about how to insure your belongings and choose coverage options to suit your individual replacement needs.

Actual Cash Value vs. Replacement Cost

Actual Cash Value and Replacement Cost coverage options refer to different ways your belongings may be replaced in the event of a covered loss. Many of your belongings will decrease in value over time, so it’s important to consider this when you purchase coverage for protecting your personal property.

On a standard home insurance policy, your personal property is typically covered at Actual Cash Value. This means it is covered for what you might expect to get if you sold it at fair market value, possibly at a garage sale, online auction site or other sales event. This coverage option may allow for the insured item to be replaced with a used item but not always a new one.

With Replacement Cost coverage, your insured personal property items are usually covered for what it costs to buy them again at the time of the claim as new, with no deduction for depreciation.

When purchasing your homeowner policy, you’ll need to decide whether you want the standard coverage for the actual cash value of your belongings, or the optional replacement cost coverage. Both are subject to the policy limits and deductibles that apply.

Item Categories and Limits

Some classes of property have specialized limits of coverage for some or all claim types. Below are a few examples:

    • Money and securities
    • Jewelry, watches, furs and semi-precious stones
    • Silverware
    • Firearms
    • Business Property

These types of property can be insured for their full value by using specialized endorsements. For example, there may be a $1,000 limit per piece of jewelry and a $2,500 limit for all jewelry as a group. If you own a couple of inexpensive watches, you’re in great shape. If you own a watch that has appraised for $10,000, you will want to ask about a Scheduled Personal Property coverage option to better protect more valuable items.


Your best choice for insurance

The first right decision in protecting all of your assets is finding an insurance agent who understands YOU and your family. We pride ourselves in taking the time to discuss your needs to ensure that you don’t find a gap in coverage when you need it most…something that can’t always be done in 15 minutes and is too important to rush. Make sure you and your family are fully protected and call us at 407-977-5700 or email any time at

Learn more about what is and isn’t covered:
Learn more about the coverages included in a policy:
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