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Personal Property Insurance: Protecting Your Personal Items

Personal property insurance is an insurance type that offers coverage for your personal items. Jewelry pieces, notes, books, computers, cell phones, important documents, and other valuable items are examples of properties that are covered by personal property insurance.

Having a property insurance inventory list not only helps the insurance company give you a more perfect replacement value for your personal property, but you will be assured that you remembered everything you own, which when it is all gone, may sometimes be hard to do.

Personal insurance property plays its role when the cost of replacing a valuable piece of jewelry can be hard on your budget. As stated in the contract, if valuable personal items are damaged due to certain reasons, property insurance covers the cost of replacing or repairing those items.

Perhaps students who stay in dormitories or share a room with other students are the people that are most susceptible to personal property loss or damage.

College going students every year lost thousands and thousands of dollars worth of valuable personal property. These items include:

  • Calculators
  • Stereos
  • Cameras
  • Personal computers
  • Books
  • Furniture
  • Clothes, and
  • Other personal items by fire, theft, water, or vandalism.

Students can be protected from the replacement cost of lost or damaged belongings by mean of personal property insurance.

Personal property insurance is also required for international or local travelers. Frequent travelers could be protected from damages or costs by having personal property insurance coverage.

Personal property insurance is also required for a homeowner. A homeowner can get personal property insurance for additional coverage since most homeowner’s policies do not include coverage for jewelry and other valuable miscellaneous items.

A personal property insurance policy may also include coverage for damages caused by houseguests depending on the particulars stipulated in the contract.

Business owners may also have a need for personal property insurance. A personal property insurance policy for business covers items found in somebody’s office, like a valuable trophy, antique pieces, or expensive paperweights.

Quite a few insurance companies provide personal property insurance policies. Given below is short list of these personal property insurance companies totobets.net.

Also included is a short outline of these companies’ personal property insurance policies and their key features.

National Student Services Incorporated (NSSI)

For college students, NSSI offers personal property insurance policy. NSSI sells their personal property insurance policy to students for a few pennies a day for greater affordability. The recognition of their personal property policy is spread over 1000 colleges and several universities in the United States.

Irrespective of whether the students lives in campus or not, NSSI’s personal property insurance plan protects the student’s belongings.

$1,000-automatic liability coverage is also included in their property insurance policy. This added benefit of the NSSI personal property insurance pays for any loss or damages of which the insured is responsible.

Ancillary Campus Services

In order to protect the personal property of college students, Offered by Auxiliary Services Corporation at SUNY Cortland, the student personal property insurance of Ancillary Campus Services offers primary coverage to protect the personal property of college students.

This student personal property services is designed to protect college students from loss or damage of personal property while residing in halls, fraternity or sorority houses, off-campus apartments or houses.

This personal property insurance policy had deductibles that start as low as $50 so students can afford it. In addition, Ancillary Campus Services’ personal property insurance policy even covers students who go abroad.

Clements International

One of the few insurance companies that offer personal property insurance abroad is Clements International. At the time of relocation process or while you are in your foreign residence, their international personal property insurance covers the cost of damaged items.

The international personal property insurance of Clements International is separated into two plans. The first personal property insurance plan covers transit and destination costs. The second personal property insurance plan is solely for destination coverage for professionals who are already living abroad.

In order to calculate the value of personal property that has depreciated the most used method by insurance companies is to subtract the estimated depreciation (dollar amount the property has decreased) from the current cost.

When taking an inventory of your personal property, given below are few tips:

  • List any serial #s that may be on your personal property
  • Scratch your own serial # into items that are of value
  • Along with photos and/or inventory videos, keep your personal property inventory list in a safe place away from your home such as a bank lock box.
  • Keep sales receipts and attach to your personal property inventory list.

Keep a video inventory or photographs of your personal property in addition to your inventory list.