There are so many different types of insurance. You might think that it must be difficult to understand which types of insurance you should have and how much insurance you should have. But trust me, it’s not as difficult as you may think. The good news is that there are a lot of insurance policies that are specifically designed to protect your personal property. If you’re not sure whether you need personal property coverage, keep reading and we’ll explain why you should consider it.
What is Scheduled Personal Property Coverage?
This type of insurance is commonly known as “replacement value” coverage. In other words, it’s the amount that the insurance company will pay out if your personal property is stolen or damaged and is then replaced.
The most common scheduled items of coverage include:
- Property at Home: coverage for your home and the things inside.
- Personal Property in Storage: coverage for your items if they’re in a storage unit or another facility.
There are other options available depending on your particular needs. For example, you can buy coverage for your business inventory, travel items or other personal items in your possession.
Why Have Scheduled Personal Property Coverage?
We’ve already touched on this subject a little bit, but it’s important enough to discuss in detail. First and foremost, you should protect your personal property with scheduled property coverage. This type of coverage is easy to understand and to manage. It simply ensures that you’re protected in the case of a burglary, theft or other loss.
It’s also easy to assess the risk associated with your property and to decide what level of coverage is appropriate for you. That’s because, with scheduled coverage, you know exactly what you’re covered for and what you’re not.
Having coverage for your home, your valuables and your office equipment is one of the best ways to protect your assets. While it’s important to protect your home with homeowners insurance and to make sure your car is covered with auto insurance, it’s also wise to protect your personal items with personal property coverage.
Make sure your personal property is covered
This is possibly the most important part of buying personal property coverage. If you don’t make sure that your items are covered, you’ll quickly discover that you’re not covered.
How do you do that? Easy. Figure out what your coverage limit is and make sure that your items fall within that limit. If the items in your home are damaged or stolen and your coverage limit is $500 and your items don’t cost that much, you’re all set. But what happens if the items you’re storing inside costs $50,000?
You see where this is going, right? You have to make sure that your items are covered. That doesn’t mean that you have to have a $50,000 item inside your home at all times. But you have to have enough coverage so that you’re protected if something does happen.
The Final Step: Get a Quote
The best way to get a quote for personal property coverage is to contact us at (248) 362-1313 or just fill out the form on this page and we’ll get to work. We are located in Bloomfield Hills, Michigan but we service all of Michigan, including Detroit, Troy, Birmingham, Royal Oak, Flint, Grand Rapids, etc.
