Personal Belongings and Personal Property

A question I get often both from homeowners and renters is “What is considered personal belongings vs. personal property?” A simple way to see it is if your home was turned upside down, pretty much all that would fall out is considered your personal property, furniture, jewelry, home accessories, etc.

Does my homeowner’s policy cover my personal belongings?

Whether you own a home or rent an apartment, insurance policies typically include personal property coverage of some type. This coverage helps you pay to repair or replace your belongings after a covered loss, such as theft or fire.

Typical homeowners policies cover personal belongs to some degree. A review of your policy would show to what degree and value your belongings are protected from loss. There are two types of personal property coverage: replacement cost and actual cash value. A replacement cost policy typically pays the dollar amount it will take to buy a new item at the time of a claim. An actual cash value policy factors in depreciation to provide reimbursement based on the current value of an item. It’s also important to know that personal property coverage usually has certain limits on what it will pay to replace an item or category of items

What does Renters Insurance Cover?

In South Carolina, renters insurance will replace personal belongings should they be destroyed, lost, or stolen. Most policies will also provide liability coverage, medical payments to others, and will cover temporary housing costs should your home be uninhabitable. While South Carolina law does not mandate renters insurance, it is a recommended coverage option for anyone renting a house or apartment. They’re generally cheap and can protect your liability and contents from covered losses.

A common misconception among renters is that their landlord’s insurance policy will cover their belongings. The landlord’s policy typically helps protect the residence against certain risks, but that coverage typically does not extend to a renter’s belongings. The personal property coverage in a renters policy helps cover your belongings, including things like jewelry, stereo, TV, camera, up to the coverage limits in your policy.

What should you do?

Always talk to an insurance professional with experience to make sure your personal belongings are adequately covered.

Don’t wait until a disaster occurs and you lose all your valuable belongings. Contact us today for a free review and quote.

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Why Choose Davis Insurance Associates, Inc.?

We understand that every restaurant has unique risks and needs. Our team at Davis Insurance Associates takes the time to learn about your business so we can provide the best coverage options available. As an independent agency, we shop multiple carriers to find policies that offer great coverage at competitive prices.

After insuring several restaurants around Myrtle Beach and South Carolina, I thought there must be a better way. Restaurant owners are busy, and it was typical to have to speak to the owner or manager several times (about seven on average) just to get all the info needed to work up quotes. I created the form found in the below QR code to make it easier. The form takes about 10-15 minutes to complete, but that is way better than meeting and talking up to 10 times. Now don’t get me wrong. I still want to meet and even visit your restaurant, but this way is how to get it done quickly so I can respect your time and my time.

If you are reading this, I want to review your insurance and put together a proposal that I hope and think will provide better coverage (and hopefully at a lower premium). If you have 10-15 minutes to complete this form and provide me with your current insurance policies, I will work for about two full days to find you the right coverage. Included in that is speaking with the owner or manager to find out what pain points they may have revolving around insurance and what coverage is important to them. As mentioned, this should be tailored insurance for your restaurant!

The next step is easy, call us at 843-213-0000, or click below to start your insurance quote

We are your local independent insurance agency for Myrtle Beach providing you with peace of mind at a price that’s right for you. Let Davis Insurance Associates help you find affordable insurance in South Carolina and North Carolina.