Compared to the price of your home, you may not even flinch at the smaller items within its
walls. Electronics, furniture, and collectibles may have a smaller price tag, but add them all
together and you have quite the inventory of precious items. Keep reading to discover how to
Contents insurance, also known as personal property insurance, is a specific coverage limit
within a homeowner’s insurance policy that covers your personal items not considered a
building or structure. Furniture, Cloths, Appliances Etc. Typically protecting against theft,
fire, and other disasters, you typically have two options regarding how to receive payouts.
Replacement cost coverage provides enough funds to replace your item from today’s market,
while actual cash value coverage only counts for your item after depreciation.
Know Your Limitations
As the saying goes, you can’t have your cake and eat it too. As with all things insurance, there
are several exceptions you should be aware of. What we are talking about here is how stuff
might be covered when they are on your insured premises compared to away.
Most policies today cover your contents “stuff” anywhere in the world. But beware, contents
“Stuff” that you store off premises on a permanent basis may be limited to 10% of the total
amount of insurance. Simply put, if you store items in a Boat Dock Locker all the time, or you
have items in a Storage Facility, your policy may only provide 10% in total coverage bought for
for those items where as if you were to just incidentally have them with you on vacation
when the loss happened. This may sound a bit confusing which is why it’s important to have
an agent to discuss matters with as they relate to your specific needs.
We totally get it. You aren’t always home and sometimes that even means being gone for
weeks at a time on vacation. Does your policy follow you along your travels? Lucky for you,
the answer is most likely yes. For example, if you bring your camera with you on vacation and
get robbed, you’ll be covered as if it’s back home. With this feature, you can rest knowing
that both your home and objects with you are safe.
Let’s say you have a second property, what does coverage look like there? Whether it be a
fully-furnished lake house or a nearly empty trailer used only for hunting season, your items
at your second property is probably going to be subject to the 10% limit, regardless of its
It’s easy to see the importance and cost of your home or car, but you’d be surprised at just
how valuable your home inventory rises to be. Protect your home and your valuables within it
by purchasing content insurance the right way from Adkins Insurance. Give us a call at (417)
883-4343 and we’ll answer any questions you may have.