Personal property insurance is an insurance type that offers
coverage for your personal items. Jewelry pieces, notes, books, computers, cell
phones, important documents, and other valuable items are examples of
properties that are covered by personal property insurance.
Having a property insurance inventory list not only helps
the insurance company give you a more perfect replacement value for your
personal property, but you will be assured that you remembered everything you
own, which when it is all gone, may sometimes be hard to do.
Personal insurance property plays its role when the cost of
replacing a valuable piece of jewelry can be hard on your budget. As stated in
the contract, if valuable personal items are damaged due to certain reasons, property
insurance covers the cost of replacing or repairing those items.
Perhaps students who stay in dormitories or share a room
with other students are the people that are most susceptible to personal
property loss or damage.
College going
students every year lost thousands and thousands of dollars worth of valuable personal
property. These items include:
- Calculators
- Stereos
- Cameras
- Personal
computers
- Books
- Furniture
- Clothes,
and
- Other
personal items by fire, theft, water, or vandalism.
Students can be protected from the replacement cost of lost
or damaged belongings by mean of personal property insurance.
Personal property insurance is also required for international
or local travelers. Frequent travelers could be protected from damages or costs
by having personal property insurance coverage.
Personal property insurance is also required for a
homeowner. A homeowner can get personal property insurance for additional
coverage since most homeowner's policies do not include coverage for jewelry
and other valuable miscellaneous items.
A personal property insurance policy may also include
coverage for damages caused by houseguests depending on the particulars
stipulated in the contract.
Business owners may also have a need for personal property
insurance. A personal property insurance policy for business covers items found
in somebody's office, like a valuable trophy, antique pieces, or expensive paperweights.
Quite a few insurance companies provide personal property
insurance policies. Given below is short list of these personal property
insurance companies.
Also included is a short outline of these companies'
personal property insurance policies and their key features.
National Student Services Incorporated (NSSI)
For college students, NSSI offers personal property
insurance policy. NSSI sells their personal property insurance policy to
students for a few pennies a day for greater affordability. The recognition of
their personal property policy is spread over 1000 colleges and several
universities in the United States.
Irrespective of whether the students lives in campus or not,
NSSI's personal property insurance plan protects the student's belongings.
$1,000-automatic liability coverage is also included in
their property insurance policy. This added benefit of the NSSI personal
property insurance pays for any loss or damages of which the insured is
responsible.
Ancillary Campus Services
In order to protect the personal property of college
students, Offered by Auxiliary Services Corporation at SUNY Cortland, the
student personal property insurance of Ancillary Campus Services offers primary
coverage to protect the personal property of college students.
This student personal property services is designed to
protect college students from loss or damage of personal property while
residing in halls, fraternity or sorority houses, off-campus apartments or
houses.
This personal property insurance policy had deductibles that
start as low as $50 so students can afford it. In addition, Ancillary Campus
Services' personal property insurance policy even covers students who go
abroad.
Clements International
One of the few insurance companies that offer personal
property insurance abroad is Clements International. At the time of relocation
process or while you are in your foreign residence, their international
personal property insurance covers the cost of damaged items.
The international personal property insurance of Clements
International is separated into two plans. The first personal property
insurance plan covers transit and destination costs. The second personal
property insurance plan is solely for destination coverage for professionals
who are already living abroad.
In order to calculate the value of personal property that
has depreciated the most used method by insurance companies is to subtract the
estimated depreciation (dollar amount the property has decreased) from the
current cost.
When taking an inventory
of your personal property, given below are few tips:
- List
any serial #s that may be on your personal property
- Scratch
your own serial # into items that are of value
- Along with
photos and/or inventory videos, keep your personal property inventory list
in a safe place away from your home such as a bank lock box.
- Keep
sales receipts and attach to your personal property inventory list.
- Keep a
video inventory or photographs of your personal property in addition to
your inventory list.
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