Insurance is a contract that provides financial protection against personal losses for person, and material losses such as in business or organization, in exchange for a regular payment called premium. These days, insurance protection is available against virtually any disaster, for life or property. For example, one could avail insurance cover for his/her house or condominium through a number of different schemes. Personal property coverage is one of those associated insurance covers related to domestic setup, wherein protection is provided for one’s personal properties.
Personal property coverage covers personal property in one’s household such as clothes and furniture. It also extends to the property of other family members living in the same house hold. Certain schemes extend the protection to the personal belongings even if the insured is traveling or staying temperedly in some other part of the world.
Generally, personal property coverage provides insurance protection to damages caused by occurrences like fire or lightning, aircraft or vehicles, weight of ice, sleet or snow, smoke, explosion, damages to heating or cooling systems, windstorm or hail, theft, vandalism or malicious mischief, civil commotion or riot, any falling objects, and freezing of plumbing systems.
And the covered items include clothing, musical equipments, rugs china and glassware, fine arts, cameras, kitchen appliances, sporting equipments, bedding, building additions and alterations and books.
In order to decide on the extent of coverage required, it is better to take a complete inventory of one’s material possessions. From the total amount, the overall worth of the property can be estimated. It is wise to add photos to the inventory as it will serve as a solid evidence at the time of making the claim should any damaging incident occur.
It is also very important to be aware of the limitations and extent of a policy.
For example, in personal property coverage insurance types, there is a dollar limit for certain properties like firearms, jewelry, silver ware and money bank notes and coins. Customers should be keen to notice such business tactics.
The ultimate aim of the company is to make profits. In their ads, usually there will be a smoke screen of terms and words that actually hide any specific information about the policy. Also, the insurance companies will make use of any loop hole left in the customer’s claim so as to deny it, while remaining in the circle of law. Hence customers should be careful to keep all relevant papers and documents in order and to adhere to all the terms and conditions as mentioned by the insurance providers.
There are hundreds of insurance providers offering personal property coverage in the country. Hence it is only prudent from your part to make a detailed study about the various insurance companies before finalizing a policy. Each scheme offered by the companies varies from one another and the trick lies in zeroing in on the right one. The onus is on the customer to select the one which suits him/her the better. In the end of the day, it is he/she who is going to win or loss from the entire deal.