Standard homeowners and renters insurance policies cover the loss of personal belongings due to theft, fire, tornado, or other insured disasters. However, in areas that are prone to hurricanes, earthquakes, or flooding, you may have to purchase a separate policy for each of these potential disasters to cover loss or damage to your belongings.

It is a good idea to familiarize yourself with your homeowners or renters insurance policy to find out what personal belongings your insurance company will cover in the event of loss or damage. You also will want to find out how much coverage your policy will provide you if your personal items need to be replaced. While individual insurance policies vary, most will cover at least a percentage of the replacement cost for items like furniture, clothing, jewelry, home furnishings, computers, and other household items. On occasion, policies may include coverage for small watercraft, such as canoes or kayaks, but will not cover motorized vehicles unless they are unlicensed and used only at home.

In some cases, homeowners’ policies will even cover the loss of landscaping, including trees and shrubs, if the landscaping is damaged by a disaster or event that is insurable. Many policies also will provide a limited amount of coverage for items that are lost or damaged while you are traveling or are away from home. Sometimes, policies will even cover damages incurred by unauthorized use of your credit cards.

Be aware, however, that homeowners and renters insurance policies are meant to cover general personal possessions and not necessarily high-dollar items like expensive jewelry, antiques, or artwork. You will want to check your insurance policy to find out what dollar limits apply to these items. If coverage is too low on some of your more expensive belongings, you may want to consider purchasing a separate rider, or “floater,” which will allow you to insure your valuables separately. If you decide to purchase a separate rider, be sure to get your valuable items appraised, and insure them at that value. For more information, see the blog at http://insurance.families.com/blog/is-your-personal-property-insured-for-replacement-value.