Personal property coverage covers personal property that’s owned or used by you — no matter where you are in the world. For example, your luggage, jewelry, clothing, purses and electronics are considered personal property and will all be covered under your policy. But keep in mind, your personal property is only covered up to your policy limit and, depending on its category, there are special caps on the amount we’ll pay out in the event of a loss.
For example, your standard homeowners insurance policy covers the jewelry, gemstone, watches and furs category up to $2,000. Meaning, we’ll only pay $2,000 at most for a covered loss to these items. If your items are worth more than that, you can add on scheduled property coverage to increase your limits for those types of items.
Find out more about replacement cost value and actual cash value for your personal property.