Contents Coverage is usually listed as "Coverage C" under the homeowners policy. It may also be referred to as Unscheduled Personal Property.
Unscheduled Personal Property (or Contents) is the normal property in a home or garage that is used in daily living. It is made up of your clothing, furniture, TV, stereo, kitchen utensils, kitchen appliances not built in (built in appliances are consider ed part of the dwelling) and items used to maintain the property such as lawn mowers or, as shown above, snow blowers.
This property is "unscheduled', meaning that you do not have to submit a list of what you own in order to purchase a homeowners insurance policy. However, if you should have a loss, the first question you will be asked by your insurance company is wh at was the property lost or damaged. In the event of a fire you may be able to tell from the debris what was lost, but if there is a theft or burglary it may be more difficult to tell exactly what was lost. It is always a good idea to have either an inven tory of your belongings or some pictures that are stored away from your home. If you have an inventory or pictures it will be much easier to refresh your memory as to what possessions may have been destroyed or stolen.
Some of your personal property is subject to restrictions under the homeowners policy or may have special value as an antique, collectible or jewelry items. These are best listed separately as "Sche duled Personal Property" for which you establish a value of the item by bill of sale or appraisal at the time you purchase your insurance, so if these items are lost you will receive their actual value. There is an addit ional premium charge when you schedule items on your policy.
Unscheduled Personal Property is covered under the basic homeowners policy for actual cash value. This means that before you are paid for your loss an amount called depreciation is deducted for the age or condition of your property. Most companies offer a n endorsement called "replacement cost on contents" which will pay you the full replacement value of items you actually replace within 180 days of a loss without any depreciation. Check with your insurance agent to see if you have this endorseme nt or if it is available under your current policy.
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