How much personal property coverage should I have under homeowners insurance?

  • by rafael
  • Jan 15,2017
  • 7 answers

Our current policy states Personal Property coverage $94,000!! Is that how much cash I would get to replace our furniture, TV, clothing, etc. in the event it was all lost due to fire, theft, whatever? Because there is no way I could spend $94,000 to refurnish our house. We do not have expensive taste. I might spend $10K replacing all that stuff! Do you think this is a reasonable coverage level? Or should I request that it be reduced?


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Insurance Answers (7)

Maris 4 months ago

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nathaniel 4 months ago

The personal property coverage is a set percentage of the home coverage with nearly all homeowners' policies. Lowering the coverage will result in a change of policies which will probably result in higher premiums. Many companies do not offer other policy types so you'd probably also need to switch insurance companies.

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Casey Y 4 months ago

It adds up very quickly, but you do realize that this is an automatic number. You probably also have coverage (at 10% of coverage A) for "Other Structures," whether you have any or not.
Personal Property is usually 50% of coverage A.

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lucy 4 months ago

In 1995, I had a house fire due to a faulty furnace. The biggest problem we had was smoke damages, thus had the entire (inside) of the house stripped down and replaced.
This included replacing carpeting, wallpaper, all of our kitchen appliances, washer/dryer, family room and living room furniture, electronics and computers etc. Now that was the downstairs, so upstairs 4 bedrooms, so needed 4 rooms of beds and dressers, and any tvs or electronics there.
Now there was towels, sheets etc plus clothing for husband, myself and step son. Our basement was spared, except for some furniture down there and some carpeting. Our house was about 3500 square feet and when it was done, we calculated that insurance spent close to $100,000, which would have included us living in an apartment till we could move back in our house 3 months later.
Believe me, I hated shopping, since we spent our free time finding replacements of everything in our house, plus provide all the receipts for reimbursement.
Believe me, until you go through this, have no clue.

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StephenWeinstein 4 months ago

You do not automatically get the amount of your coverage. You get that OR what your old stuff was worth, whichever is less. Reduce it to the value of what you own now. More coverage is a waste of money.

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coraann 4 months ago

You need to have evidence of what your contents include. An adjuster would
take inventory and estimate the present worth of the total loss and award a
payout. You are probably under estimating what all replacements would cost.
Pictures taken throughout your house and inventory records are always a help
and should be kept in a safe place.

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mbrcatz 4 months ago

Homeowners policies are "package" policies. The limits are all based on the dwelling amount - the actual house. Depending on the package you have, the contents will usually be 50%, 60%, or 70% of the dwelling amount - even if you don't have that much stuff. You cannot lower that amount, and it wouldn't save you money if you could (which is what most people are looking for, when they ask this question).
It's like going to a restaurant, getting their "special" and asking for a discount because you didn't drink the glass of water or eat the roll. They were throw-ins.
If you want ala carte coverage, you CAN buy it, but it will not be a 'homeowners' policy, and it will cost you a lot more that way.

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