Know What You Have, To Protect What You Have
The kinds of things we are buying is changing. While your parents may have spent a lot of money on furniture, you may find yourself spending more on home electronics and trying to figure out which remote to use.
Taking the time to understand how your coverage works can help you make sure everything you value is adequately covered.
The Amount You Have To Replace Your Stuff
There is a maximum amount your insurance will pay for your personal property. This Limit is usually a percentage of your Structure Limit (the maximum amount your insurance policy will pay to rebuild your home).
Special Categories That Have Limits
Insurance companies group certain kinds of things into categories. Some categories have a maximum amount that can be paid to replace all the items in the category. Within a few categories, there's also a maximum amount to be paid for any single item. To make sure all your stuff is adequately covered, you'll want to go over your policy's category and item limits with your agent. More information on this subject can be found in the article How To Choose Property Coverage.
Actual Cash Value vs. Replacement Cost
Most of your things decrease in value over time. That purple leather sofa isn't worth anywhere near as much as you paid for it back in '92. When you purchase coverage for your personal property, choosing Actual Cash Value or Replacement Cost is one of the most important decisions you may need to make.
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Your stuff is covered for what you might expect to get if you sold
it at fair market value, possibly at a garage sale, or eBay (replacement cost minus depreciation).
- May cover the cost of used replacements, not always new items
- Premiums for Actual Cash Value Coverage typically cost less
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Your stuff is covered for what it costs to buy again at the time of the claim.
- Makes it easier to replace your things with new items
- Premiums are typically higher for Replacement Cost Coverage
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Your Policy Lists Every Covered Event
When you compare policies from different companies, look for a list of events that are covered when it comes to lost or damaged property. Each policy will detail exactly what kind of losses will be reimbursed and what you need to do after a loss.
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Please see the disclaimers below.
The availability, qualifications and amounts of these coverages and discounts may vary from state to state. In addition, other terms, conditions and exclusions not described above may apply, and total savings may vary depending on the coverages purchased. In some states, we may offer coverages and discounts that are not listed here. For more information regarding your eligibility for certain coverages and savings opportunities, please contact your Allstate agent.
Coverage on fine arts, firearms and business personal property is limited to within the United States of America and Canada and is subject to availability and qualifications.
Scheduled Personal Property is covered on an actual cash value basis. A deduction for depreciation may apply. Please note that other restrictions may apply. Payment will not exceed the amount necessary to repair or replace the damaged item(s) with property of like kind or quality, or the amount of insurance, whichever is less. Please contact your Allstate agent for more information about Scheduled Personal Property Coverage.
Different rates apply for professional and non-professional musical instruments. A higher rate is applicable to professional musical instruments insured under SPP coverage. Discounts subject to availability and qualifications. Amounts may vary from state to state. Total savings may vary depending on the coverages purchased. For more information regarding your eligibility for these savings opportunities, please contact your Allstate agent.
When the Scheduled Personal Property item is removed from the vault, the insured must notify Allstate in advance or the SPP Endorsement ceases to cover the item. The insured must also pay the additional premium for the time the item is not vaulted. Scheduled Personal Property Coverage is subject to the terms and conditions of the policy. This is a brief coverage description; this is not a contract. Please read an Allstate policy for full details. Optional Coverages "J" and "BP" are subject to the terms and conditions of the policy. This is a brief description of the coverages; this is not a contract. Please read an Allstate policy for full details.
Coverages and discounts are subject to availability and qualifications. Other terms, conditions and exclusions may apply.