7 Reasons Why You Need Personal Property Insurance

Personal property insurance is a broad term for a cluster of insurance policies that center on safeguarding personal property. Home insurance and renter insurance are part of personal property coverage.

Personal property insurance covers all personal belongings in the house. It also covers damage or loss of items your guests might have temporarily left in your home. The only coverage exception is a high-value property and anything covered by a separate insurance policy, like vehicles.

Here we’ll expound on the reasons why you need to get personal property insurance.

Why Is Personal Property Insurance so Important

There are lots of property insurance policies, but the most common are home insurance, renter insurance, and flood insurance. If you’re still debating on whether you should get property insurance, here are a few reasons why you should:

1. Covers Many Calamities

Personal insurance covers many home calamities, for instance, if your house catches fire or if a tree falls on your house. With home insurance, you don’t have to worry about repair costs or any related costs because the insurance will take care of everything after you pay your deductible. If you experienced a fire you should get advice from them.

2. Safeguards Against Thefts

Break-ins are common in many neighborhoods. Apart from losing your personal items, you also have to repair the damage from the burglars. Theft can be a real issue, especially when you lose work-related stuff like important work-related info on your laptop.

3. Some Policies Have Liability Coverage

It may not seem so important, but liability coverage will come in handy when you least expect it. Your property could damage someone else's stuff. For instance, if your home collapses on a neighbor’s car, you could be responsible for the repairs.

Property insurance will help you avoid the flurry of lawsuits that follow an incident like this. Some even cover accidents by your family members on neighbors’ properties, for instance, a soccer ball breaking your neighbor’s window.

This insurance also includes injury liability, so if anyone other than your close friends or family gets injured because of your property, then the insurance will cover it. If it’s your family members, then your health insurance will take care of it.

4. Property Insurance Is Affordable

You don’t have to worry about the cost of personal property insurance. It is among the most affordable insurance policies, with great benefits for a small amount of money.

5. Covers for Accidents

Sometimes, you may accidentally damage your property. So apart from natural disasters, this insurance also covers accidental damage to your property.

6. It’s Very Versatile

Personal Property insurance denotes a group of insurance policies. So they apply to many situations, and you can find that is right for your situation.

56 percent of the respondents in a 2017 survey believed that their standard home policy included flood and earthquake damage. However, flood insurance and earthquake insurance are separate policies.

7. Covers Living Expenses When Home Is Uninhabitable

After a disaster, you may have to rent out a place temporarily before you get back on your feet. This insurance will cover your expenses while you restore your life.

Property Insurance Is a Necessity, Not a Luxury

Don’t second guess whether you need insurance property because it’s definitely worth it, especially for people who live in flood or earthquake-prone areas. With very affordable premiums, it does not make sense not to opt for personal property insurance.

You can check out our other articles for more enticing reads about real estate.