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Insurance for Your Personal Property | Allstate Insurance

The personal property coverage of your homeowners
insurance could help protect you in the event that your personal belongings are damaged or destroyed by a covered loss But, consider this: In the event that you
do experience a loss, do you know exactly what you own… or, how much it’s all worth? And do you
know how your personal property coverage works? First, before you experience a loss, it’s
a good idea to take inventory of your personal property, complete with pictures and the purchase price
of each item. This can help simplify the process of filing a claim. Then, make sure you know what type of personal
property coverage you have: A “replacement cost” policy typically
pays the dollar amount it would take to buy a new item at the time of a claim, while an “actual cash value” policy pays
the cost to repair or replace minus depreciation. Finally, you should know that personal property
coverage usually has certain limits on what it will pay to replace an item, or a category of items. If you have possessions
that are worth more than the limits set in your policy, you may want to look into higher limits or
additional coverage to better protect them. A conversation with an insurance agent may
be helpful as you consider your coverage limits. Knowing what you own and understanding how
your personal property coverage works can give you comfort in the event of a loss. Have questions? Contact a local Allstate agent

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