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Buying a single family home, what about Personal Property Reimbursement empty (home insurance field)???


Guys,

I need your help. I am in CA and will be closing on my house in 30 days. I understand that home insurance is a requirement. I am thinking of going with Allstate as my car with insured with them as well.

The question that I have is that the quote they gave me doesn't an amount for the "personal property reimbursement". But when I got a quote with Farmers, I did get one (200k). I have asked the Allstate agent and am told that this is normal, but I am still covered.

Any ideas on what this means? I am very confused about what to do and want to be sure that 100% covered.

Thanks in advance!

The insurance policy required by a lender covers the building itself. The lender doesn't care about your personal property, but you do.
Allstate is a reputable company and you simply need to read the policy, which should itemize what is covered and how much for each item. You can add and remove some items from your policy (for example you can have coverage for your stamp collection added, or you can increase or decrease your liability coverage.)
It would be extremely unusual for a company like Allstate to offer a policy with no coverage for personal property.
If your agent says "it's still covered," ask him or her to show you where it says so in the policy, what is the amount of coverage (maybe you want to increase it, if you have very nice things.)
It MUST be itemized. I cannot believe they give you a policy which is not itemized. Source(s): Century 21 agent
www.century21homes2buy.com
Personal property reimbursement is also called "replacement cost coverage" (as opposed to actual cash value), and may be listed as such on your policy. It will reimburse you for covered personal property with new items of like quality.

Most companies charge extra for RCC.
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