Top 4 Reasons to Get Personal Property Insurance


Personal property coverage aka contents coverage insures your belongings including furniture, home appliances, jewellery, etc. It may also cover items that are outside your home such as your luggage when traveling, bike, etc. If any of these things are damaged/destroyed by natural disasters like fire, or stolen, then you may get adequate compensation from your insurer if you have personal property coverage.

The following are 5 big reasons to get personal property insurance:

1.You Could Become Broke

If you are a student or a working professional who recently got a job, then you may barely have any savings in your bank account at this point. However, you could have expensive items in your home such as a laptop, computer, LED television, etc. So, if you lose these, then you can easily become cash-strapped and may need to borrow money from friends and family for a new laptop and other products. You can easily avoid this kind of financial mess by taking appropriate personal property insurance coverage like renters insurance.

2.You can’t be too Careful

Even if you are a responsible person and always take measures to protect your house and belongings in every way possible, you can’t be too careful. This is because natural disasters like floods and earthquakes can’t be averted. As for robberies, you can install some of the best home security systems, sure.

However, can you really count on them 100% when you keep expensive items like jewelry, high-end gadgets, home appliances, etc. in your home and go away for long periods frequently? If you don’t have a good contents insurance plan, then you may lose your stuff once and for all.   

3.Home Insurance Isn’t Enough

There is no denying that home insurance is important. However, you may want to get separate coverage that will schedule your valuables along with the standard home insurance plan which is referred to as a floater policy. This is because the high-valued items may not be covered in the policy as is the case with most insurance products there are stated limits.

Even if they are covered, their total cost might be higher than the policy’s stated coverage amount itself. In that case, you may need to pay for the items out of your own pocket.


You may not know this but high deductible insurance policies are becoming more common among health insurance users and also home insurance users. So, it’s possible that your homeowner’s insurance plan has a deductible too. If that’s indeed the case, and the amount is quite high, then it’s smart to get contents insurance as most plans in this category don’t have deductibles at all.

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