I only want to insure my personal property. What type of insurance should I get?
UPDATED: Dec 3, 2014
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Asked December 3, 2014
To insure personal property, you have a few options. If you have a home or renters insurance, you may be able to claim the loss against that policy without the need for any additional coverage. But homeowners insurance for personal property can be awkward and have gaps that leave you paying more out of pocket than you would prefer. In that case, having individual personal property insurance is your best alternative.
Many retailers provide insurance for items at the time of sale. This type of coverage is usually covered by a single, flat fee, and guarantees replacement of the insured property if it is lost through a covered incident. These policies do not usually cover theft at all, and may be very limited in terms of what is or is not covered.
Purchasing a personal property policy from an independent insurer is usually the most affordable way to go. Start with a website like this one, which acts as a brokerage for multiple insurance companies. That will let you buy a policy for the amount you want, the terms you need, and at the lowest cost available. You could get the same coverage from a single insurance company, but you would be more likely to pay higher costs for the same coverage.
When you buy a personal property policy, make sure that it will cover the items for full replacement cost rather than paying actual cash value. With actual cash value, you will only receive a depreciated amount for lost or damaged items, while full replacement will pay to replace the item regardless of how much the cost has changed since your original purchase. Having a policy that does not fully protect your property could still leave you without any recourse except to pay for the costs out of pocket.
Answered December 3, 2014 by Anonymous