Personal Property Insurance in New Jersey

Personal property insurance in New Jersey is part of your home insurance and protects all of your “stuff.” You’ll often hear it referred to as “contents coverage” or “coverage C.” It usually covers just about everything in your home – from the couch you bought after your wedding to the prized t-shirt collection you’ve had since college.

Homeowners coverage from Plymouth Rock Assurance gives you plenty of options to protect your home and the treasured things you keep inside.

Protecting Your Things

Chances are that you have more things in your home than you think. Here’s another way to look at it: if you turned your home upside down, the things that fall out would be considered your “contents.” Think about all of your devices, gadgets and gizmos; all of the shoes, shirts and sweaters in your closet; and all of your kitchen appliances and living room furniture.

Without the proper insurance, you’ll be responsible for replacing your things if they are damaged or stolen. That amount adds up fast. Some homeowners will find that replacing their belongings can easily run into five figures.

Does This Insurance Cover All of My Contents?

In most cases — yes. However, your policy does come with coverage limits (the specific limit will vary by policy) and there will sometimes be special limits for certain contents categories (common ones include: jewelry, firearms and electronics).

Here’s an example: say your home policy covers jewelry theft up to $1,500. If you have a piece of jewelry that’s worth $1,000, it’s no problem. However, if you have a wedding ring worth $5,000 or more you may need to “schedule” that ring to insure it for more than your $1,500 jewelry theft limit. Your local agent or Plymouth Rock insurance professional can help you schedule your personal property and better explain the limits on your home policy.

Actual Cash Value and Replacement Cost: Which One?

Your home policy will feature either actual cash value or replacement cost for your personal property. The difference could mean a lot to you, both figuratively and in terms of real dollars.

Actual cash value: this type of coverage reimburses you as if your items were being sold on the open market. Since you’ve owned and used them, their value has likely gone down over time. For example, you may have spent $1,000 on furniture three years ago, but it’s now worth only $300. The policy pays you $300.

Replacement cost: In this case, the policy pays the cost to replace the item. For example, your laptop is stolen during a burglary. Your policy pays the cost of replacing the laptop with a model of the same style.

Be sure to discuss your specific coverage with your agent or insurance professional.

Learn More About Your Home Insurance

There’s more to a home policy than personal property insurance. Find out more about home insurance coverages here or learn how to figure out how much coverage you need to insure your home.

Get a quote online, call us at 833-857-5848 or find a local agent to see how you can save on personal property insurance in New Jersey, and if you have any questions you can visit our Contact Us page.