Personal Property Replacement Cost & All Perils Coverage

Personal property is the stuff you own — furniture, electronics, and clothing, for example. This coverage helps pay to repair or replace your belongings after a covered loss, such as theft or fire. Here are some things to consider when it comes to protecting your belongings.

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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.

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Mutual Assurance provides “replacement cost” coverage which typically pays the dollar amount it would take to buy a new item at the time of a claim. Other providers may offer an “actual cash value” policy which factors in depreciation to provide reimbursement based on the current value of an item.  Our Preferred Homeowners policy also offers coverage for any cause of loss not specifically excluded in the policy.  Most policies only provide personal property coverage for specifically named perils such as fire and water.

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Our personal property replacement coverage has certain limits on what will be paid to replace an item or a category of items. Be sure to discuss this with your underwriter if you believe you have possessions that are worth more than the limits set in your policy.

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Items such as jewelry, guns, art, valuable antiques, and furs that will likely exceed the limits of standard personal property coverage are considered scheduled personal property and must be specified in your policy.