Personal Property Coverage
What is it? This part of your homeowners policy protects your belongings anywhere in the world, but there are a few limitations you should know about: 1) There are restrictions on the amount a standard homeowners policy will pay on some items - - jewelry or furs, for example (you can buy additional coverage for them separately). 2) The standard reimbursement for items that are damaged, lost, or stolen is their actual cash value - - (original value minus depreciation). If you want to be reimbursed for what it will cost to replace them, select the replacement cost option. 3) Although the policy covers your possessions everywhere, it pays less for losses incurred off your property. For example, a homeowners policy might pay only 10% of its usual limit for loss on an item that your child took away to college.Added By: Adam
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