What is the normal coverage for personal property in homeowners insurance?

  • by Patricia
  • Dec 30,2018
  • 16 answers

I have noticed our personal property amount is almost as much as the coverage for our home and we don't need that much. I don't remember being asked how much coverage we wanted for personal property so i am wondering if we have an option or is it standard? We are paying an outrageous premium and at our ages should we lose our home, we don't need as much as we are covered for.


LIKE OR DISLIKE:

  

Insurance Answers (16)

Beverly S 2 weeks ago

You can have it reduced. You only are required to have enough "dwelling" coverage to pay your mortgage off.

Help others find the most helpful reviews
Was this review helpful to you?  

Rick 3 weeks ago

I have always been asked value of personal property when ever I have gotten a new policy. Plus at every renewal I ask asked if there are any changes in that coverage

Help others find the most helpful reviews
Was this review helpful to you?  

STEPHEN 3 weeks ago

There is no "normal". Some people have a huge amount of personal property. Others have very little.

Help others find the most helpful reviews
Was this review helpful to you?  

Casey Y 3 weeks ago

You cannot insure your stuff to a value you like, you need to insure to proper value or face co-insurance penalties.
Generally speaking, 50% of the building coverage is automatic, but you should be able to drop it to 30% without raising any concerns. If you decide you only need $5k worth of stuff in the event of a fire...that's going to raise some questions.

Help others find the most helpful reviews
Was this review helpful to you?  

lucy 3 weeks ago

Back in 1995, my house was destroyed by fire. If I "remember" the cost to replace all of our personal items ran about $100,000.
Even if not for the fire, my guess is that I could not believe it would cost that much to replace everything. Most people think about their furniture and appliances and maybe some electronics. But when you lose everything, there is so much stuff you don't consider. You have no pots/pans, dishes, silverware that can be costly. Now think about clothing, which includes summer/winter, coats, umbrellas and underware etc. You have no linens, towels for the bed or for showers. What about toys for your children, or CD's, or other minor things.
Or, put another way. When was the last time you moved from 1 residence/apartment to this house? So say half of a truck is your furniture and appliances, then the other half could be filled with boxes of all of your personal items, which is a lot of boxes in "effect" you could claim as a loss, if a major loss like a fire/flood etc were to happen.
Remember, the amount they are charging is what they (expect) could cost you, if you lost everything. Think about the CA fires and the hurricanes where there is nothing left and they have to start over.

Help others find the most helpful reviews
Was this review helpful to you?  

Maxi 3 weeks ago

So before you renew you need to assess what cover you want/need and tell them, insurance tend to use 'standard amount' cover and likely maximum so they can charge more and if you do not tell them they use it automatically

Help others find the most helpful reviews
Was this review helpful to you?  

tjnjt 3 weeks ago

tfszgwet

Help others find the most helpful reviews
Was this review helpful to you?  

cdwha 3 weeks ago

qtethrcx

Help others find the most helpful reviews
Was this review helpful to you?  

ntzdj 3 weeks ago

hxtlhlxl

Help others find the most helpful reviews
Was this review helpful to you?  

Willie 3 weeks ago

wjajmvtp

Help others find the most helpful reviews
Was this review helpful to you?  

Kennedy 3 weeks ago

kwafzqug

Help others find the most helpful reviews
Was this review helpful to you?  

ozzuk 3 weeks ago

dtxfrtzn

Help others find the most helpful reviews
Was this review helpful to you?  

kzemt 3 weeks ago

iqnnhtrs

Help others find the most helpful reviews
Was this review helpful to you?  

vtfvd 3 weeks ago

fxwtmoaf

Help others find the most helpful reviews
Was this review helpful to you?  

Hogan 3 weeks ago

tcfklmtu

Help others find the most helpful reviews
Was this review helpful to you?  

StephenWeinstein 3 weeks ago

There are options. Before you decide, find out what it covers. Cars definitely are not included, and some other things, such as jewelry, coins, cash, etc., may not be not be included, which further reduces the amount you need. On the other hand, look at the crime rate where you live; fires destroy both the home and the personal property, but thieves can steal the personal property and leave the home.

Help others find the most helpful reviews
Was this review helpful to you?  

Post a Answer

Your comment was successfully posted!

Or use your account on Blog

Error message here!

Hide Error message here!

Forgot your password?

Or register your new account on Blog

Error message here!

Error message here!

Hide Error message here!

Lost your password? Please enter your email address. You will receive a link to create a new password.

Error message here!

Back to log-in

Close