What is personal property insurance?
Personal property insurance protects all the "little" things you own, from furniture and electronics to clothing and sports equipment. In the event of a fire, theft, or another form of covered loss, this type of coverage will help pay to repair or replace those affected belongings. In most cases, these policies are included in one's homeowner's or renter's insurance.
The amount of coverage you need will depend on how much you own and the estimated value of those combined items. That's why the first step in taking out a personal property policy is to take a detailed inventory of your most valuable items so you have a rough idea of how much coverage you'll need.
Keep in mind that all standard policies include a payout limit, which is the maximum amount your insurance company will pay you per item. While these limits can typically be raised or lowered, we recommend you take out a separate policy for expensive jewelry, rare collections, and any other high-value items.
Our expertise and strategy.
When it comes to personal property insurance, there are two levels of coverage you can purchase:
Actual cash value
This is the standard level of coverage as it pays you for the value of the item(s) minus depreciation due to age, condition, or any other factors.
Replacement cost value
This level of coverage will cost you more because it does not deduct depreciation and will pay you the current market price for the item(s).
Why do you need personal property insurance? Because it's more than just "stuff".
While your possessions don't define you, they sure help paint a picture. Whether it's a priceless family heirloom or a high-tech piece of equipment, there's a very good reason you own it in the first place, which is reason enough to have it insured. At Christensen Group, we like to think we're protecting more than just your things—we're protecting your way of life.
Who should get personal property insurance?
Anyone who owns a home
If your home itself is worth protecting, chances are your belongings within it are too. In most cases, personal property insurance is bundled with your homeowners policy, so it's important to ask your agent to explain the level of protection that's included.
Anyone who owns a condo
Your condominium association will have its own coverage for the building and property, but this will not protect the interior of your unit or your personal property within. That's where a condo-specific personal property policy comes in.
Anyone who rents
One of the most common misconceptions among renters is that their landlord's insurance policy will cover their belongings. While it will protect you against some risks, your possessions are not one of them, which is why purchasing renter's insurance with the right personal property limits is so highly recommended.
Anyone who owns high-value items
If you are the proud owner of a high-value item or collection—such as an engagement ring or a set of rare baseball cards—you'll want to invest in a specialized policy with sufficient payout limits to cover your steep financial risk.
How we approach personal property insurance.
We want to get to know you, to find out what you need protecting, and where you have exposure.
We'll present you with all the options and help guide you in the right direction.
Not all carriers are created equally. Fortunately, we know who's good at what.
Buying an engagement ring? Starting an art collection? We're always here to help with any policy changes.