Whether you own your own home or rent, “personal property cov- erage” is an important part of your homeowners or renters insurance policy. Most homeowners insurance policies typically provide coverage that is equal to 50% to 70% of the overall value of the home, while the average renter has over $35,000 worth of belongings that are probably not covered by a landlord’s policy. With all this in mind, both home- owners and renters should take inventory of their personal belongings, complete with a detailed list, pictures, and receipts. If one or more items are of great value (such as jewelry or furniture), they should be insured for their replacement value by adding a “rider” (or “floater”) to the policy.

NOTE: Renters and homeowners policies provide personal liability protection, which kicks in when policyholders are found legally responsible for injuries to other people or damage to their property.

Whether you are looking for homeowner’s insurance, condo insurance, or renter’s insurance, you need an insurance agent who works for you.