How Much Personal Property Insurance Should I Have?

[mathjak107]

Please consider what you are saying before accusing fire fighters.

not what i am saying .

the people in the building were pretty sure the stuff was taken during the evacuation by the fire department and have filed charges.

anything is possible and i wouldn’t put it passed anyone to do such a thing .

but the point is there is an example of why renters insurance is a good idea no matter who took it

 

[OneEyedDiva]

Perhaps your agent can make suggestions or maybe guidelines can be found on the insurance website.

I live in a co-op apartment and this is the personal coverage I have through Allstate. Additional insurance for the co-op property is covered by a blanket policy. The cost is covered in our HOA fees.

 

[mathjak107]

Perhaps your agent can make suggestions or maybe guidelines can be found on the insurance website.

I live in a co-op apartment and this is the personal coverage I have through Allstate. Additional insurance for the co-op property is covered by a blanket policy. The cost is covered in our HOA fees.

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an interesting thing we learned when we had a coop was that if anyone won a large law suit against the coop because of negligence or something that caused someone to get seriously hurt and it exceeded the coop insurance we all figured our own insurance would cover the overage .

well it turns out our policies do not cover actions by others . they only cover actions by the insured.

i called geico to confirm and they said yes , law suits caused by others wouldn’t be covered in a coop or hoa .

they said some insurance companies offer 3rd party coverage but they don’t .

 

[WhatInThe]

Keep in mind some insurance companies don't cover collectables so if you have an antique chair worth 1,000 dollar they might only reimburse for a regular wood chair if at all. If you have a framed or autographed picture of who ever it would be considered collectable and maybe not covered.

 

[Jamie clintonnnnn]

You're right to question it…$144,000 in personal property coverage does sound quite high, especially if you've estimated your belongings at around $20,000. Many policies set personal property coverage as a percentage of the home's insured value, often around 70–75%.
That’s likely how they arrived at $144,000 (75% of $192,000).
But if you live simply and know that replacing everything would only cost about $20,000, then yes…you’re probably over-insured in that area. It’s worth calling your insurance company to ask if you can adjust the personal property coverage to better reflect your actual needs. That could lower your premium and save you money.
No harm in reviewing your policy now and then insurance companies don’t always tailor things to our individual lifestyles unless we speak up.