What is Personal Property?
Is jewelry covered by my basic policy?
What kind of coverage adequately protects antiques and art?
If I have a loss, do I need to show proof of what was in my home?
Do I need additional protection for an expensive wardrobe?
What's different between Actual Cash Value and Replacement Cost?
Is my computer covered by my home insurance policy?
Is my baseball card collection covered by my home insurance?
Will my insurance policy cover my tools if they are stolen?
Does my home policy cover my home business?
If possessions are stolen from my auto, which policy covers the loss?
What is Personal Property?
Personal property items are all the things you own that are not considered a permanent part of your house's or apartment's structure. They're things like furniture, clothes, bikes, and television sets. In insurance lingo they're also referred to as your home's "contents" and are referenced in your policy under "Coverage C -- Personal Property."
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My grandmother gave me a very valuable piece of jewelry. Is it covered by my basic home insurance policy?
It depends on how much it's worth. All basic homeowners, condo, and renters insurance policies have limits (check your policy for the amounts) on certain types of personal property, which may include:
The good news is that it's easy to increase your homeowners insurance coverage for these things, including the jewelry your grandmother gave you. You can add a Scheduled Personal Property (SPP) endorsement to your home, condo, or renters insurace policy, which acts like a mini-insurance policy on the valuable items that are listed. If you have an item you believe needs extra protection, contact MetLife Auto & Home for more information.
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I own antiques and fine art. What kind of coverage would adequately protect them?
Certain valuable items, such as antiques and fine art, may have limited coverage under basic home insurance policies. To insure them properly, you should add a Scheduled Personal Property (SPP) endorsement to your home, condo, or renters insurance policy.
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If I have a loss, do I need to show proof of what was in my home?
No, but you will be asked to provide a list of all items that were destroyed or damaged. Can you do that from memory? Most people can’t. So MetLife Auto & Home® recommends that you take the time now to make a room-by-room list of everything you own, including when you bought the items and how much they cost. To get started, download our free Personal Property Inventory Kit. You can also go high-tech and videotape the contents in your home.
Either way, be sure to store the information in a secure place such as a fire-resistant box or safety deposit box. We also suggest keeping receipts or credit card statements on higher value items, such as furniture, appliances, rugs, and expensive clothing.
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I have a very expensive wardrobe. Do I need additional protection?
In most cases, no. Clothing is covered under your personal property. The limit for all your personal property -- which includes all your furniture, TV, stereo equipment, linens, and your clothes -- is listed on your policy under Coverage C. If you're concerned that your Coverage C personal property limit is not adequate, you should use our free Personal Property Inventory Kit to calculate the value of what you own. If you determine that the value of your personal property exceeds your Coverage C limit, you should think about increasing your limit.
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What is the difference between Actual Cash Value (ACV) and Replacement Cost (RC) coverage?
Pay attention, because this can be a very important coverage difference when you have a loss. If you choose our Replacement Cost option, we will pay you the dollar amount it costs to replace your possessions today, without any deduction for depreciation. ACV, by contrast, takes full deduction for depreciation.
Take a look at the potential differences and how they could impact your bank account in the event of a loss:
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Replacement Cost option. Let's say burglars steal your 5-year-old big-screen television. Under Replacement Cost, we would give you enough money to buy a brand-new television of similar size and make. In this example, we may determine that it will cost $1,500 to replace the TV. MetLife Auto & Home is proud to offer RC coverage as an option; not all home insurance companies do.
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Actual Cash Value option. It is true that Actual Cash Value policies cost less than Replacement Cost policies, but that's because they provide less coverage. Under Actual Cash Value, the insurance company reduces the value of each item to account for wear and tear. Think of Actual Cash Value as the price you'd pay when shopping at a secondhand store. Sticking with our example of the stolen 5-year-old TV: Under Actual Cash Value, we might determine that it would cost $100 (or less) to buy a similar 5-year-old TV.
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Is my computer covered by my home insurance policy?
Your insurance company may or may not provide adequate coverage for your computer and equipment. MetLife Auto & Home's standard homeowners insurance policy provides up to $5,000 coverage for computers, plus any peripherals and software, up to their retail value. However, you may have much more than $5,000 worth of equipment. With our Home Computer Endorsement, you can purchase limits up to $15,000, and the deductible is only $50. (Not available in all states.)
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Is my baseball card collection covered by my home insurance policy?
Yes. Memorabilia and collectibles are covered subject to a limit, which is listed on your policy. You can purchase higher limits by adding a Scheduled Personal Property (SPP) endorsement to your home, condo, or renter's policy.
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I have a large amount of tools in my shed. Will my homeowners insurance policy cover them if they are stolen?
Yes, MetLife Auto & Home's home insurance policy contains coverage for personal property, which would include your tools. Certain limits may apply if the tools are stolen or used on your job.
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I run a business from home. Does my home policy cover my business?
Your home insurance policy is intended to cover your house, personal property, and personal liability. It provides a very small amount of coverage for home-based businesses. So you may not have adequate property coverage for any business equipment you own (such as fax machines and copiers) or liability coverage for damages that arise from a business you own and operate. Contact an insurance representative to ensure you have the right protection.
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My auto has been broken into and my skis stolen! Who covers this, my auto insurance or home insurance?
Your home insurance policy covers your personal possessions when they are temporarily away from home. So, yes, your skis are covered under your home insurance policy.
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