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Do You Have Enough Home Contents Insurance?

Of course, most standard homeowners insurance policies will contain some protection for your personal property. But since many renters do not even have coverage, a better question might be – do you have any personal property insurance at all? But even many homeowners with valid coverage for their actual houses may not have enough personal property protection.

What Does Contents Insurance Cover?

Think about the property inside of your house, condo, or apartment. Do you own one tv, or do you own 3. These days, multiple computers are common in families as kids need them for school, and parents need them for work. Also consider jewelry, like wedding rings, clothes, and even dvd collections. And do not forget your appliances, both major and minor. Your fridge, washing machine, and counter top coffee machine, are all included in the contents of your home.

Add it up. You probably bought your things over a period of years, if not decades, and so you really do not stop to consider the value of the things you own. But your tv, computers, clothes, jewelry, books, movies, and applicances can add up to an investment of many tens of thousands of dollars. Of course, you probably could not get that much for them if you sold the used, but if you had to replace them new, how could you do it?

Real Value vs Replacement Value of Property

That takes us to the subject of replacement value. Your large screen tv is probably not worth much on the second hand market. If you’ve ever been to a garage sale or second hand store, you know what I mean. But what if you had to buy a new one? The item that goes for $50 at a thrift store would cost $500 (or more) at a retail store. Are you covered for the replacement value of your property?

Who Cares About Home Contents Coverage Anyway?

So who cares about this? Well, homeowners probably have some coverage, but is it enough? The policy you bought 10 years ago may not really cover you today. You have probably accumulated more things, those things cost more now, and you should take a look at your policy.

Renters and condo owners probably buy contents insurance as the main part of their coverage too. Landlords usually cover the actual building, but renters still need to protect their possessions against theft or damage. Condo owners may have a condo building association policy to cover structures, but they probably need to protect the things inside the home.

Renters and condo owners policies may also contain liability protection and some coverage in case a relocation is needed because the home cannot be lived in for awhile.

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