Home Insurance Coverage of Personal Property

If you own your home, you probably understand that your home insurance policy covers the damage or loss of your home. What about all of the items inside the house, your personal property? Well, in Michigan, that is covered by your home insurance policy too.

Guy Hurley McNeil Insurance & Surety Services in Rochester Hills, MI provides home owner’s insurance to the entire state of Michigan.

Types of Home Owner’s Insurance

There are two main types of home owner’s insurance in Michigan. They are:

  • Broad coverage (HO-2)
  • All Risk coverage (HO-3)

A broad policy covers damage from specifically listed perils while an all-risk policy, the most common type, covers the home from all risks other than those that are specifically excluded. All risk policies generally include the contents of the house and your personal property against perils that are covered like those in broad coverage. Broad policies are also referred to as “named peril” policies as the risks protected against are designated within the policy.

A typical policy has seven significant parts that are denoted by consecutive letters, A through G. The section dealing with your personal property is part C. Each section has its own exclusions and limitations and needs to be carefully understood to ensure that the protection you have is the protection you need.

On-Premises or Off-Premises

The protection extended to your property does not end when it leaves your home. This coverage may have further limitations than those for your items while on-premise.

Furthermore, certain items are considered “special items.” These items have specific limits and may need additional coverage. Special items may include:

  • Furs
  • Computers and electronics
  • Jewelry
  • Cash

Having an inventory of your property can help you to ensure you get the right coverage.

For more information, give Guy Hurley McNeil Insurance & Surety Services a call at 586-731-1180 or stop by our offices in Rochester Hills, MI today.