While nobody likes to think about something bad happening to their home or personal items, the truth is, bad things do happen. Every day homes are lost due to a fire or windstorm, or personal property is stolen or damaged. There are things that you can do to lessen the likelihood of bad things happening, but you simply can’t prevent it from happening altogether. That is why you carry homeowners insurance.
The first thing that many people think of when they hear the term “homeowners insurance,” is that it’s there to pay for repairing or rebuilding their house in the case of a fire or tornado. However, there are other coverages that are included with most every homeowner’s policy; one of them is called personal property coverage.
Personal property coverage is almost always included as part of your homeowners’ insurance policy or renters insurance policy. Often referred to as “Coverage C,” personal property insurance is there to help you replace the belongings inside your home in the event of a covered loss. That could include property such as your electronics, appliances, furniture, jewelry, clothing, sporting equipment, and more. In addition to providing coverage in the case of a fire or tornado, it may also provide coverage in the case of theft, lightning strike, vandalism, or certain water damage among other perils.