What is Renters Personal Property Coverage? | Allstate Insurance

I’m Kevin Greenwell, and I’m an Allstate agency owner in Estero, Florida I’m here to talk about personal property protection, which is part of a standard homeowners, renters or condo insurance policy

This coverage may help pay to replace your belongings, such as furniture, clothing or electronics, if they are stolen or damaged by a covered loss I often tell customers about how renters insurance helped a good friend of mine He had just graduated college, gotten a job, and moved into a rented house with some friends He came home from work one day to find someone had broken into his house Practically everything that had value was taken

He had a computer, a nice camera, a TV, DVD player, designer sunglasses – all of that was gone He also lost documents like his birth certificate which needed to be replaced He called the police and filed a report He was devastated – he lost a lot of stuff, and it hit him hard Now, my friend had renters insurance, and he’s the kind of guy who keeps receipts and manuals

That helped him get his claim resolved faster because it helped him document what he owned and the approximate value of it Within two weeks he had received a check for around $15,000 — he only had to pay his deductible Fortunately, he had purchased replacement cost coverage, which covers belongings at their current retail prices As a result, he was able to replace all of items that had been stolen He was relieved that he'd decided to purchase renters insurance

Without that protection, he would have had to pay out-of-pocket to replace the stuff that was taken