If you are like most people, you probably assume that your Homeowners, Condo, or Renters insurance covers everything you own. And in many cases, it does. But there’s a little more to it, so let’s break it down in simple terms (without the complications of the insurance terminology).

Personal Property coverage protects the stuff you own – think furniture, electronics, clothing, kitchen appliances, and even your favorite pair of sneakers. But beware: there is a limit to how much your policy will pay. And it’s not always enough to cover everything you’ve collected over the years.

• With Replacement Cost coverage, your insurer pays what it costs to buy a new, similar item today. So if your five-year-old TV is stolen, you get enough to buy a new one – no age-based deductions.
• With Actual Cash Value (ACV), the insurance company subtracts depreciation – essentially reducing your payout based on how old and worn the item is. So, that same 2018 TV? Your payout could be pretty disappointing.

Bottom line: ACV = Replacement Cost minus Depreciation. And yes, the older your stuff is, the less you’ll get back.

• Jewelry: Often capped at $1,500–$2,500

• Electronics/Computers: Limits may apply, especially for business use
• Silverware, firearms, furs, or collectibles: Yep, there’s often a cap on these, too.

Your insurance may protect items stored off-premises, like in a storage unit, but these are often subject to a limit, usually around 10% of your total Personal Property coverage.

However, if you are moving, good news: most policies provide full Personal Property coverage during the transition period between homes, typically for up to 30 days. So, if you are packing a moving truck and driving to your new place, you are likely covered for the full amount – just be sure to double-check those details with your insurance company.

If your purse, backpack, or laptop is stolen from your car, you’ll need to file a Homeowners, Condo, or Renters insurance claim – not an Auto policy. Most people don’t realize that your Car insurance covers only the vehicle itself, not what you put inside of it.

Between laptops, smartphones, smart TVs, and tablets, your household tech could easily exceed your policy’s standard limits. Some companies offer Increased Limits on such items. For extra peace of mind, especially with portable electronics, you may consider scheduling specific items. We advise you to look into Cyber Protection and Identity Fraud Protection – learn more about it here.

• Taking photos or videos of every room
• Keeping receipts (or digital copies) for big-ticket items
• Using a home inventory app (some insurance companies even offer one)

It might sound like a chore, but you’ll be grateful you took care of it later.

If you run a business from home – whether it’s baking, crafting, or consulting – know this: Personal Property coverage for business items is limited, sometimes to as little as $2,500.

To cover business tools, merchandise, or even your office setup, you might need a home-based business endorsement or a separate Business policy altogether. Learn what insurance policies or specific coverage you may need if you run a home-based business.

Life changes – and so does the value of what you own. From buying new tech and jewelry to welcoming a new baby or starting a home office, your insurance should reflect your current lifestyle. That’s why it’s very important to review your coverage annually. If you have a 12-month term policy, we even advise going over it mid-term. Learn more about it here.

So, is everything you own covered under Personal Property coverage? Not automatically. But with the right policy updates, proper documentation, and an annual review, you’ll be better prepared for life’s “just in case” moments.