Home > Contents Insurance What Is It and What Does It Cover?
Contents Insurance What Is It and What Does It Cover?
New England residents can typically receive contents insurance policy coverage through Premier Shield Insurance. Content coverage is typically provided and covered under a homeowners, renters, or landlord insurance policy.
Contents Insurance Coverage for Homeowners
HO-3 homeowners insurance policies provide your primary home with contents coverage for up to a specified amount.
Typically is it a % of the dwelling A coverage, 50%-70% depending on your home insurance coverage package.
The majority of home insurance policies in New England cover more belongings than most homeowners typically have.
Contents Insurance Coverage for Landlords
Landlords who live in an “owner-occupied multiple family house” tend to have landlord insurance policies with most home insurance companies.
This is because most companies will not write a 3 family on an HO-3 form instead they require it on a DP-3 form.
On these Dwelling Fire Form 3 (DP-3) content insurance coverage is optional. That means you need to specifically tell your insurance agent how much insurance for contents you need.
Contents Insurance Coverage for Renters
The reason most renters get insurance for contents is to protect their personal property in case of theft and fire claims.
However, many renters complexes require renting tenants to carry a minimum of $100,000 in renters insurance liability in case something happens while they’re in their lease agreement.
Typically Contents Insurance Coverage for Renters start at $15,000 with most carriers, $20,000 with some and can be requested in higher amounts depending on the situation.
Replacement Cost on Contents Insurance
“Replacement Cost on Contents Insurance” is an optional endorsement that makes sure you are “made whole” when it comes to an insurance claims/loss/peril.
If you don’t have this affordable endorsement they’re going to tell you your used stuff is worth 85% of the value it would be to simply replace it.
Do not go without this coverage on any content insurance policy coverage you may carry!
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