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Personal property is a standard coverage on a homeowners insurance policy. It covers belongings like furniture and clothing, paying up to a certain limit if they are stolen or damaged by a covered ...
The coverage amounts where replacement cost can apply, dwelling, other structures and personal property coverage, are determined by you and your insurance company.
The state's largest home insurer, State Farm General, announced in March it would not renew 30,000 homeowner and condominium policies — including 1,626 in Pacific Palisades — when they expired.
[76] [77] Another plaintiff alleged that State Farm undervalued his home by less than half the actual rebuilding cost and delayed payment for the coverage of personal property. [78] The lawsuits cite Colorado's statute that penalizes insurance companies for unreasonable payment delays.
As of 1995, the largest personal insurer in the United States, State Farm Insurance, reportedly had 1.4 million personal umbrella policyholders in the United States, [5] and in 2008 12% of its customers had umbrella coverage. [6]
If your personal property coverage pays out on an RCV basis, recoverable depreciation will likely be calculated for all destroyed items after a covered loss — as it was with ACV policy items ...
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