You must already know about home insurance which protects your home against various threats like fire, burglary, water damage, etc. However, did you know that most insurance plans contain personal property coverage too?
What’s Personal Property Coverage?
Personal property coverage aka contents coverage insures your belongings including furniture, home appliances, jewellery, etc. It may also cover items that are outside your home such as your luggage when traveling, bike, etc. If any of these things are damaged/destroyed by natural disasters like fire, or stolen, then you may get adequate compensation from your insurer if you have personal property coverage.
The following are 5 big reasons to get personal property insurance:
1. Home Insurance Isn’t Enough
There is no denying that home insurance is important. However, you may want to get separate coverage that will schedule your valuables along with the standard home insurance plan which is referred to as a floater policy. This is because the high-valued items may not be covered in the policy as is the case with most insurance products there are stated limits. Even if they are covered, their total cost might be higher than the policy’s stated coverage amount itself. In that case, you may need to pay for the items out of your own pocket.
2. Deductibles
You may not know this but high deductible insurance policies are becoming more common among health insurance users and also home insurance users. So, it’s possible that your homeowner’s insurance plan has a deductible too. If that’s indeed the case, and the amount is quite high, then it’s smart to get contents insurance as most plans in this category don’t have deductibles at all.
3. You can’t be too Careful
Even if you are a responsible person and always take measures to protect your house and belongings in every way possible, you can’t be too careful. This is because natural disasters like floods and earthquakes can’t be averted. As for robberies, you can install some of the best home security systems, sure. However, can you really count on them 100% when you keep expensive items like jewelry, high-end gadgets, home appliances, etc. in your home and go away for long periods frequently? If you don’t have a good contents insurance plan, then you may lose your stuff once and for all.
4. It’s Cheap
Most people don’t invest in renters insurance and property insurance plans as they think that they are expensive. However, nothing could be further from the truth. For instance, for just $500 a year, you can get insurance coverage of up to $50k to $75k easily which is quite a good deal.
5. You Could Become Broke
If you are a student or a working professional who recently got a job, then you may barely have any savings in your bank account at this point. However, you could have expensive items in your home such as a laptop, computer, LED television, etc. So, if you lose these, then you can easily become cash-strapped and may need to borrow money from friends and family for a new laptop and other products. You can easily avoid this kind of financial mess by taking appropriate personal property insurance coverage like renters insurance.
Bottom Line
Contrary to what many people think, most insurance plans are not scams. These are designed to protect you and your family from financial problems and give the peace of mind that you all deserve.
Most people know about health insurance, home insurance, and auto insurance. However, contents insurance is equally important and must be given serious consideration by renters and homeowners alike. If you have reservations still, then you can check out some of the best plans on the Internet and pick the one that fulfills your requirements without hurting the budget. Good luck!
Personal property insurance is available to homeowners and renters. To learn more about obtaining coverage for your valuables contact: Tague Insurance
About Us
Tague Insurance Agency is an independently owned and locally operated insurance agency in Vista, California. We help people across the state find affordable and reliable insurance products from a variety of trusted carriers. As an independent agency, we can help you find the perfect combination of coverage and price to fit your unique needs.
What Does Independent Mean?
“Independent” means we’re not tied to any one insurance carrier.
In other words, we can research rates and coverage options from several top insurance companies to find the best policies for you. We do the shopping and comparing to save you time and money!
How to Get in Touch
We invite you to submit a free online quote request or call us at 760-729-1143 to review coverage options for auto, home, life, health, business, and more. We provide free, no hassle and no obligation insurance quotes to help you make an informed decision.
