Over time we spend a great amount of our earnings accumulating things – food, clothing, furniture, appliances, electronics, recreation and entertainment items, etc. – it’s all our personal stuff that makes our life comfortable and enjoyable.

The loss of these personal items to fire, theft, vandalism, natural disaster or any other cause creates a financial loss as well as being unsettling to our lives. So, how do you insure all your stuff?

What is Personal Property (PP)? 

For insurance purposes, “Personal Property” is generally considered to be tangible property that you own (except motorized land vehicles) that is moveable as opposed to “real property” which is fixed to a location, principally land and buildings.

How to insure Personal Property? 

The most common and lowest cost way to insure personal property is under a Home Insurance policy or a Renters Insurance policy. In both cases, the Personal Property is insured in the Coverage C section of the policy. The policy form may assign an automatic or minimum limit of coverage but you may adjust your limit to reflect the total estimated Actual Cash Value (ACV) or Replacement Cost Value (RC) of your personal property. Covered claims are subject to a property deductible per loss.

How to quote and secure coverage 

We recommend you get a quote on the type of coverage that you need:

• Home insurance - This policy includes coverage for the dwelling as well as personal property.
• Mobile Home Insurance - For those property types.
• Condo Insurance - If you are buying a condominium you would quote a that includes coverage for the Unit Owners interior.

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  Renters insurance - If renting a house or apartment you would quote a that covers your personal property but no structures. 

In every case, you should endorse the policy with replacement cost coverage (new for old without depreciation) for personal property as well as other enhancement endorsements.

For more about Personal Property, read Personal Property - Where is it insured?

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