Personal Property Coverage Calculator

What is Personal Property Insurance?

Personal property insurance protects your belongings from unexpected events like fire, theft, and vandalism. It's typically included in your homeowners, renters, or condo insurance policy and helps pay to repair or replace your possessions if they're damaged or destroyed.

What Does Personal Property Insurance Cover?

Personal property insurance can cover:

  • Furniture
  • Electronics
  • Appliances
  • Clothing
  • Jewelry
  • And much more!

Get an Estimate With Our Personal Property Coverage Calculator

Whether you live in a home, apartment, or condo, personal property coverage is one of the most important aspects of your insurance. It's essential that you are accurate about replacement costs so we can best serve you in the event of a covered loss.

Most people don't realize how much their personal property is worth. It's easy to underestimate how many household possessions you own and your household possessions have a good chance of being more valuable than you think! It's easy to miscalculate those vintage vinyl's and collectors' items, too.

So, how can you find out how much to insure your house for? Here is a perfectly simple renters, condo, and homeowners property insurance calculator.

Please round your numbers to the nearest dollar. There's no need to use dollar signs or decimals.

Category Estimated Cost
Furniture
?
Sofas, chairs, tables, ottomans, beds, night stands, etc.
Appliances
?
Toaster, blender, food processor, vacuum cleaner, and large appliances (if owned) including washer, dryer, refrigerator, range, window air conditioner, portable dishwasher, portable dehumidifier, etc.
Home Decorations
?
Paintings, wall hangings, area rugs, lamps, bric-a-brac.
Dishes/Cookware
?
Everyday dishes, fine china, stainless flatware, pots, pans, knives, etc.
Silverware
?
Silver or silver plated flatware or goldware.
Linens
?
Bed linens, quilts, duvets, bed spreads, shams, bath towels/wash cloths/hand towels, dish towels, table cloths, etc.
Clothing
?
Clothes, shoes, handbags, belts, hats, gloves, etc.
Computers, etc
?
Desktop computers, laptop computers, external hard drives, external CD/DVD drives, printers, etc.
Electronics
?
Home entertainment systems, stereo receivers, speakers, amplifiers, TVs, DVD & BluRay players/recorders, CD players, VCRs, camcorders, MP3 players, portable devices, answering machines, miscellaneous audio/video equipment, etc.
CDs/DVDs
?
CDs, DVDs, BluRay disks, audio or video tapes, books, flash drives, other media.
Photographic Equipment
?
Cameras, lenses, tripods, meters, lighting equipment, developing equipment, etc.
Fitness/Sports Equipment
?
Bicycle, skates, skis, sporting goods/athletic equipment, treadmill, stationary bike, stepper, weights, hobby equipment, etc.
Outdoor Equipment
?
Lawn mowers, leaf blowers, trimmers, and other landscaping equipment; BBQ grill, lawn furnishings, portable outdoor heaters, etc.
Tools
?
Hand tools: hammers, screw drivers, wrenches, saws; power tools: circular saw, jigsaw, drill, sander, router; lawn tools: rakes, shovels, aerators; ladders, hoses, extension cords, garage equipment, etc.
Guns
?
Hand guns, target pistols, rifles, shotguns, scopes.
Jewelry/Watches
?
Rings, necklaces, bracelets, earrings, anklets, brooches, wristwatches, pocket watches.
Furs
?
Jackets, coats, stoles, etc.
Other:
Total:

Great work! Feels nice to have a ballpark, right? Using this personal property insurance calculator will help you save time during the process. With that information, you can now be confident when you get a quote, or maybe even reevaluate your current policy.

So, get your free home, condo, or renters insurance quote, or feel free to give us a call at (800) 841-3005.

This personal property coverage calculator is always worth revisiting every once in a while. It's easy to accumulate many new household items over time and forget to update your policy. Remember, it's simple to make changes to your insurance policy.

Understanding Your Personal Property Coverage Limits

Certain types of personal property are subject to specific dollar limits on your insurance policy. These typically include, but are not limited to: jewelry, watches, and furs, which on most policies are subject to a dollar limit for theft of these items and not otherwise covered. Limited coverage amounts may also apply to firearms, silverware, boats, trailers and business personal property. You may be able to purchase an endorsement that increases the coverage amount for these items and broadens the protection. It's advisable to take photos and retain receipts when you first obtain or update your insurance, as you may need to provide them for reimbursement during the claims process.

Actual Cash Value vs. Replacement Cost

When choosing personal property coverage, it's important to understand how your insurer values your belongings after a covered loss. The two most common methods are Actual Cash Value (ACV) and Replacement Cost Value (RCV), and the difference can significantly affect your payout.

Actual Cash Value (ACV)

Actual Cash Value reflects the market value of an item at the time it's damaged or destroyed. It's calculated by taking the item's replacement cost and subtracting depreciation based on its age, condition, and wear and tear. While ACV coverage typically costs less, it may not fully cover the cost to replace older items with new ones.

Replacement Cost Value (RCV)

Replacement Cost Value helps cover the cost to replace an item with a new one of a similar kind and quality at today's prices - without subtracting depreciation. This option generally provides more comprehensive protection and can make it easier to replace your belongings after a loss.

Understanding whether your policy uses ACV or RCV can help you better estimate how much coverage you'll need and avoid unexpected out-of-pocket expenses.

How Much Personal Property Coverage Do You Need?

Personal property coverage helps protect the belongings inside your home - from furniture and appliances to clothing and electronics. While insurance companies often provide default limits, you can usually adjust your coverage to better match what you actually own.

The goal is to choose a limit high enough to replace everything in your home if it were lost today due to a covered event. A common rule of thumb is to set personal property coverage at 50% to 70% of your dwelling coverage, but that may not be enough for every household.

To estimate your coverage needs more accurately, consider taking a simple inventory of your belongings, including:

  • Furniture, appliances, and electronics
  • Clothing and personal items
  • Kitchenware and household goods
  • Valuable items such as jewelry, artwork, or collectibles

As you review your inventory, think about how much it would cost to replace each item at current prices - not what you originally paid. A coverage calculator can help you add these amounts together and adjust your limits accordingly, giving you a clearer picture of the protection you may need.

Personal Property Coverage Calculator FAQs

  • What if I don't know the exact value of my belongings?
    If you don't know the exact value of your belongings, it's okay to estimate! It's better to overestimate than underestimate. You can also use online resources or consult with credible appraisers.
  • What if my calculated value is higher than my current coverage?
    If your calculated value is higher than your current coverage, you may want to consider increasing your personal property coverage limits to ensure adequate protection. Without sufficient coverage, your products will not be fully repaired or replaced.
  • What is the 80% rule in property insurance?
    The 80% rule in property insurance advises that by insuring your home's structure for at least 80% of its replacement cost, you are likely to receive full reimbursement for covered damages. This does not apply to personal property.
  • What isn't covered by personal property insurance?
    Personal property insurance typically excludes items like cars, pets, and certain high-value items (jewelry, art). However, you may be able to purchase additional riders that cover some of these items. Personal property coverage may also have limitations for damage caused by earthquakes, floods, or normal wear and tear.
  • How do I file a personal property claim?
    To file a personal property claim, contact GEICO as soon as possible. You'll typically need to provide documentation of the damage or loss, such as photos, videos, and receipts. We may also send an adjuster to assess the damage. Make sure you keep detailed records of all communication and documentation throughout the claims process.

This calculator is a guide to assist you in determining the estimated value of your personal property and is not meant to take the place of a detailed, complete inventory. Policies may be subject to minimum and maximum coverage amounts.

Please note:

The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.