Personal Property Contents Coverage
Personal Property coverage, also known as contents coverage, applies to the same perils you purchase for your policy’s dwelling or home. Coverage ranges from basic *Fire All Risk to optional catastrophic coverage.
Personal Property includes furnishings, appliances, electronic equipment and other contents, including: furniture, TVs, computers, microwaves, washers, dryers, stereos, artwork, jewelry, etc.
Self-propelled vehicles, such as: cars, trucks, vans, RVs, motorcycles, UTVs, ATVs, golf carts, boats, etc., will each need their own separate policy, as they normally aren’t covered by homeowners policies.
Theft is a separate policy with its own limits of coverage, therefore theft losses are not considered personal property losses.
Please see the policy’s terms and conditions for a complete list of covered personal property items.
Your personal property can be insured from $5,000 USD, up to a maximum of $400,000 USD. To determine the amount of personal property coverage needed for your Mexico dwelling, you’ll want to consider all of your personal belongings. Ideally, it’s best to create an itemized list, including values, of all your personal property and then use that to determine the amount of coverage needed.
Deductibles for personal property coverage are adjustable with options starting as low as $500, with increasing amounts available up to $20,000. Increasing the deductible amount will lower the premium that you’ll pay for the coverage. However, it’s important to consider that a higher deductible means you’ll also have a greater out of pocket expense when a loss occurs.
Sub-limits establish the maximum dollar amount an insurer will pay for losses on certain types of personal property. Some personal property may have values exceeding the maximum amount of coverage established by the policy sub-limits.
For example, there is a $1,000 USD sublimit for jewelry and fine art items, and an $800 USD sublimit for cash. When sub-limit amounts are insufficient to cover your higher value items, you may still be able to purchase additional coverage, to make up the difference, by adding a special coverage endorsement to your policy. (Learn more about endorsements.) These high value items must be listed individually on the policy in order to be covered for amounts greater than the policy’s sublimit amounts. And the approval process will require additional documentation, like appraisals or receipts, confirming the item values.
*File All Risk
File All Risk refers to losses sustained by the piece of real property arising from any of the following:
- Fire, lightning strike or explosion.
- Certain acts committed by persons taking part in stoppages, strikes, labor related disturbances, rallies, civil commotion, rebellion, etc.
- Impact of aircraft or of objects falling from it.
- Fallen trees, antennas, billboards, etc.
- Smoke or soot produced outside the Insured´s premises.
- Water or steam coming from breakage in pipelines or in supply systems above ground
- Collision of vehicles not owned by the Insured
- Accidental breakdown of machinery or equipment suitable to a dwelling
- Any other sudden and unforeseen risk, not explicitly excluded.