Home & Personal Property

Protecting Your Home & Personal Property with Insurance
At your home, you rely on having a safe, comfortable place to live. When you purchase a home insurance policy, it should contain a description of your home’s structure and a list of excluded events that may not included. It’s important to ensure you understand what in included in your coverage and any additional options you may want to consider.

Your Residence Type Matters
Structures vary so widely that a different policy is usually required for each type of home. For instance…

  • A Condo policy typically covers interior structures like wallboard and lighting fixtures. Depending on your state, your association by-laws, and insurer, external walls may not be covered.
  • Within a Home insurance policy, usually a home’s entire structure is covered along with sheds and detached garages.
  • For Manufactured Homes, the entire structure is usually covered, while sheds and garages may require an optional policy.
  • A Renters insurance policy typically has no physical structure coverage at all, but it often provides essential liability and contents coverage.

Most Unfortunate Events are Covered
Most insurance companies offer coverage for the same events that may damage the structure of your home, including fire, smoke, lightning, wind, hail, frozen plumbing, theft, explosion, vandalism, the weight of ice and snow, and a few others. Talk to your agent about the different coverage options available to you.

An agent should explain the events that would not be covered by your specific policy based upon your home’s structure. Typically, floods and earthquakes are excluded from basic policies, but in some areas, you may be able to get supplemental insurance policies for those situations. A few other conditions most companies specifically exclude are mold, fungus, wet rot, dry rot and bacteria.

Reimbursed Living Expenses
A benefit that can help lessen the hardship of living elsewhere while your home is under repair.

Coverage Limits and Deductibles
These help determine how much you are paid if you file a covered claim.

Insuring Your Personal Property
You’ve made a significant investment in your possessions, and they need to be protected. Read about category limits and per item limits that could affect the amount you generally are paid for covered lost or damaged personal items.

Personal Property Coverage
How to Choose Personal Property Coverage Do you know how much your belongings are worth? The figure is often much more than our customers initially think. Taking the time to assess what you own, and to understand how your coverage works, can help you make sure everything you value is adequately covered.

Start by walking around your home and look for items that you spent a lot of money on, or that have appreciated in value since you got them. Having a record of those items (pictures, documents, etc.) – especially those most important to you either financially or personally, is very important in working to ensure they are protected properly. Talk with your Allstate agent on the types of coverages you might want to consider. Finally, you will need to make a decision about how to insure your belongings and choose coverage options to suit your individual replacement needs.

Actual Cash Value and Replacement Cost coverage options refer to different ways your belongings may be replaced in the event of a covered loss. Many of your belongings will decrease in value over time, so it’s important to consider this when you purchase coverage for protecting your personal property.

Actual Cash Value Coverage
Your personal property is typically covered for what you might expect to get if you sold it at fair market value – possibly at a garage sale, online auction site or other sales event – as replacement cost minus depreciation. This coverage option may allow for the insured item to be replaced with a used item but not always a new one. Premiums for Actual Cash Value insurance coverage though generally cost less than those for the Replacement Cost coverage option.

Replacement Cost Coverage
With Replacement Cost coverage, your insured personal property items are usually covered for what it costs to buy them again at the time of the claim as new, although premiums for this type of insurance are typically higher than the Actual Cash Value insurance coverage option.

Item Categories and Limits
Insurance companies often group certain kinds of things into categories – and sometimes assign maximum amounts that can be paid to replace all of the items or even single items in the category. Your total property limit may give you the impression you have plenty of coverage, but you may find that your category limit on computers isn’t nearly enough to replace all of the computers in your home.

Insuring High Value Items
A common item in a category covered by your policy, such as a watch, may be worth $25 or $5,000. Because this category can vary so greatly in value, your policy may set a “per item limit.” For example: There may be a $1,000 limit per piece of jewelry and a $2,500 limit for all jewelry as a group. If you own a couple of inexpensive watches, you’re in great shape. If you own a watch that has appraised for $10,000, you have an option to cover that specific watch at a higher amount. If your valuables exceed per item limits, you may want to ask your agent about a Scheduled Personal Property coverage option to better protect more valuable items.

Insuring Groups of Valuable Items
You can use an Optional Coverage to raise the group limit on a category covered by your policy, such as computers — or you can use it to insure an entire category of items that are not covered by your policy because they are less commonly owned. To make sure your belongings are adequately covered, you’ll want to go over your policy’s category and item limits with your agent.

Liability Insurance
If someone accuses you of causing harm, it helps to have support in defending yourself. Discover how liability insurance can help protect your savings in the event of a lawsuit resulting from a covered loss.

Guest Medical Insurance
Find out how your insurance can help pay for medical costs (up to policy limits) when someone is injured in a covered loss at your home.

Guest Medical Coverage

Protect Yourself – and Your Guests – From an Accident Occurring at Your Home

Guest medical coverage, included in most residential insurance policies, provides protection for your guests, should they be injured in or around your home accidentally. Typically, policyholders with guest medical coverage can feel confident in their ability to help pay for reasonable and necessary medical expenses (up to policy limits) caused by accidents at your home that are not covered by liability protection.

What Types of Expenses May Be Included in Guest Medical Coverage?
Usually, reasonable medical expenses incurred to resolve a medical emergency (that happened in your home or on your property) and reimbursed include such items as:

  • Medical
  • Surgical
  • X-ray
  • Dental
  • Ambulance
  • Hospital
  • And much more