(800) 253-1482Personal Property Coverage in Missouri
Summary: Personal property coverage (Coverage C), or contents coverage, helps Missouri residents protect their belongings. Available for homeowners and renters alike, you’re covered for personal property both inside and outside of your home. You’ll need to consider policy limits, however, there are options available to increase coverage limits or supplement protection.Estimated Read Time: 3 mins
Personal property coverage is part of home and renters insurance, protecting personal belongings like furniture, electronics, clothing, etc.
Contents coverage can extend to items outside your home, protecting against perils like theft and fire, however, there are limits on what it covers.
Missouri residents can safeguard their belongings from losses through affordable coverage options and should personalize their protection at an adequate level that helps avoid major financial losses.
Missouri Personal Property Coverage Isn’t Blanket Coverage
If you want to protect your personal property, standard home insurance in Missouri has your back.
However, just because personal property coverage is there to protect you, you’re not going to have everything covered.
Furthermore, things like jewelry or collectibles may require additional coverage as higher-end items may exceed your policy limits.
On many policies, some items aren’t included in protection unless they are specifically listed. This includes the following:
- Livestock
- Personal belongings that are lost
- Pets
- Plants
- Property used for your business
- Vehicles, ATVs, etc.
- Watercraft
Finding the Right Amount of Personal Property Coverage in Missouri
Having the right level of personal property coverage is crucial but it will look different for everyone.
You need enough personal property insurance to cover major losses, such as a fire to restore property damaged by perils covered by your home or renters coverage.
High-value items like art, high-end, designer clothing, or jewelry may not be accounted for and because these limits apply, you may need additional coverage to avoid costly losses.
Furthermore, high-value items may require appraisals and scheduling or a personal articles floater for proper coverage, depending on your policy and carrier.
Agents can help select endorsements with "stated value" coverage and lower deductibles to find the right level of protection while saving on premiums.
Replacement Value Vs. Actual Cash Value
When choosing the type of personal property coverage you need, you have options that will affect how much you pay but also the amount of compensation you receive when filing a claim:
- Replacement cost value (RCV) coverage, which allows you to replace items with new ones on a "new-for-old" basis after a loss. You receive a new, modern version of the lost item equivalent to what was lost.
- Actual cash value (ACV) coverage, which pays out compensation but only the depreciated value of your items. This reduces your insurance premium but you’ll receive a lower reimbursement.
You’ll need to decide which option works for you when enrolling. Be sure to assess the value of your items, your risk tolerance, and your budget when choosing.
Types of Coverage
Personal property coverage can be insured under named perils or all perils, depending on your policy type.
In Missouri, an HO-3 homeowners policy covers 16 named perils for contents insurance.
There is also an HO-8 form providing all-risk coverage, however, this is typically for newer homes in gated communities with alarms, as they come with fewer risks.
All-risk policies cover everything except excluded perils, often covered by separate policies like earthquake or flood insurance.
Missouri Scheduled Personal Property Coverage Explained
A scheduled property floater provides coverage for specific items, with limits agreed upon based on appraisals.
Unlike an unscheduled floater, it protects each item individually rather than by category.
Though it comes with higher premiums, the floater pays out per item, ensuring higher protection for valuables.
Items like jewelry, art, or collectibles are often listed under this type of floater, for example:
- A wedding ring with a 2 ct diamond in an 18 ct gold band appraised at $20,000.
- A Rolex GMT-Master II with an appraised value of $16,700.
- One antique Smith & Wesson Model 320 appraised at $14,000.
Unscheduled Property Floaters
An unscheduled property floater offers broad coverage for categories of personal items, like firearms, without needing to list each item individually. It assigns a coverage limit for the entire category.
This type of floater usually comes with a lower premium compared to a scheduled property floater and may be appropriate for specific belongings that may otherwise not have a proper way to be protected.
Get a Quote on Personal Property Coverage in Missouri
Keeping your personal belongings covered for less is as simple as comparing home insurance carriers in just a few clicks. Find affordable home insurance in Missouri using the tool below or ask an agent today to save on premiums.
