If you go on vacation, for instance, you will bring some of your possessions with you.
In most cases, your contents insurance will cover you for your personal property while it is temporarily removed from your premises and in your possession anywhere in the world.
Your contents insurance may provide you with the same level of protection as if you were at home in the event that something were to happen to your personal belongings.
The deductible and other provisions of your policy would apply to the insured items as well.
The way your personal belongings are covered will be the same whether you have a homeowner, condo, or renter policy:
Whether you have a named peril or open peril policy, how much coverage you have for your contents, whether you have coverage for actual cash value or replacement cost, special limits or exclusions, and your deductible.
For condo owners and renters, you decide how much coverage you need for your contents, and the premium for the policy is based on that amount.
The contents or personal property limit of a home insurance policy is typically 70% of the insured dwelling value—typically a percentage of the insured dwelling value.
Depending on your circumstances, it may be increased or decreased if necessary.
You’re not generally charged for the items when it is important for the home arrangement. When you insure your building, it is just one component of the insurance package, just like other structures are.
