Home Insurance in NY: Covering My Personal Belongings

Dec 12, 2019

12 Dec
Co-op Insurance, Homeowners Insurance, The Ins & Outs of Insurance

Home Insurance in NY: Covering My Personal Belongings

by Robert Marsalona

Home Insurance in NY extends coverage not only to your physical structure of your home but also to your personal belongings. This coverage is often listed on your home insurance declaration pages as “personal property coverage” or “Coverage C.” It is important to understand what is classified as personal property as well as when and where it is covered.

What is Personal Property?

Your personal property is anything inside your home that is not a permanent fixture. In other words, if you were to take your home and shake it upside down, anything that would fall out is your personal property. Some examples include, furniture, clothing, kitchen appliances, etc. This coverage is extended to items stored in other structures on the property as well like a detached garage or shed.

How Does Home Insurance in NY Cover Personal Property?

Normally, home insurance policies will extend coverage to your personal belongings for a value of up to 50% of your dwelling coverage. Many people may feel like this is a large amount, but ultimately, you want your policy to account for a total loss, and if you were to lose everything in a fire or catastrophe, those expenses will add up. Your home insurance in NY will likely have a list of perils or losses under which the contents of your home would be covered. Consult your policy booklet or contact your insurance company for clarification on this. In the event of a claim your insurance company will work with you to calculate the value of the items lost and compensate you for them accordingly.

Can I Increase the Limit at Which My Home Insurance in NY Covers My Personal Property?

As a rule of thumb, when your personal property is damaged in a covered loss you will receive the actual value of that item. That is, if you own a couch that is damaged due to a busted water pipe, and it is ten years old, your home insurance in NY will pay out the value minus depreciation over said ten years.

However, you can endorse your policy to receive replacement cost on your home’s contents. If you choose to do this, your personal property coverage limit will increase your home insurance coverage in NY to 70% of your dwelling. In addition to the increased coverage you will also receive a return on your belongings at market value brand new today, no longer taking into account depreciation.

Does Home Insurance in NY Cover My Personal Property Away From My Insured Residence?

Yes, your NY home insurance will typically cover your personal items anywhere in the world, but this coverage will be at a lesser rate than your policy limit. At TSC, personal property damaged at an insured residence other than the address listed on the policy will have coverage up to 10% of the personal property limit or $1000–whichever is greater. The only type of loss that this does not include is theft. In this case, there is an additional endorsement called “off-premises theft”, which will cover theft in places like airports, hotels, etc.

How Can I Cover Valuables Like Fur and Jewelry?

It is likely that valuable personal property coverage through your home insurance in NY is extended to these items, however there will be a separate limit for coverage in cases of theft (with a TSC policy this limit is $1000). Instead, if you’d like to cover something like an engagement ring or a fur coat separately, you can schedule this item on your policy. To schedule on item on your home insurance in NY you must provide photos of the item along with an appraisal or bill of sale. For jewelry, this documentation should be within the past two years while furs can be within the past three years. Alternatively, if a single piece of jewelry is worth $2500 or more, you must provide an appraisal by a certified gemologist. Insuring your items on your home insurance in NY this way extends coverage beyond any restrictions of the policy on an all risk basis and will cover the item at full value.

The Bottom Line: Personal Belongings and Home Insurance in NY

We all work hard and have material items that we value, so it’s important to understand how they are covered under our insurance policies. With the right home insurance policy, your personal property will be covered anywhere in the world under your policy, except in instances of theft. This coverage is fairly universal across all home insurance policies in NY, but for more specific details you can refer to your policy booklet or contact your insurance carrier.

Need a NY Homeowners, Renter’s, or Condo/Co-op Insurance Policy That You Can Be Confident In? Contact TSC>Direct!

TSC>Direct has been providing homeowners, renters and those living in a condo or co-op association in New York with affordable homeowners insurance and coverage to their personal property since 1986. We offer coverage in New York City, Brooklyn, Queens, The Bronx, Long Island, Staten Island, Westchester and Orange counties. Our insurance company communicates directly with our customers and we offer competitive NY homeowners insurance rates. Get a free online quote for affordable homeowners insurance in New York or call TSC>Direct today at 1-800-JOIN-NOW (800-564-6669).


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