How important is Personal Property Insurance for your Irvine home?

by Robert Mack on October 7, 2009

in Irvine Real Estate

So I get a call yesterday and it is a great past client of mine who just closed escrow on her first home last month!  She had a problem!!!  No one likes problems especially me, and we want everything to go super smooth for the rest of our lives, but we all know that when you own a home, as a home owner there are always surprise costs or repairs that a home owner is responsible for.  So I guess the real question should be, how can we minimize these costs and reduce the number of “problems”? 

So I get the call that her A/C is backed up and the condensation around the unit is now leaking through the ceiling, onto the carpet.  The ceiling is damaged and soaking wet and the carpet is soaked too!  So my first thought was….Call the home warranty company so that they can come take care of it.  I mean that is the whole point of having a home warranty – right?  Well the home warranty comes out to take a look and they do cover the A/C unit which is great news, however, and this is a big however, they do not cover any consequential damage that happens.  It doesn’t make sense since the “consequential damage” wouldn’t have happened if there were no problems with the A/C.  So the home warranty company said that they will correct the issue with the A/C however the rest is the home owner’s responsibility. 

Thankfully, the homeowner had personal property insurance and everything will be taken care of(minus a small deductable)!  Most buyers/homeowners rarely seem to get this insurance and it is so much more popular with renters, which they call “Renters Insurance”, however they are basically synonymous in what they cover. 

When you buy your new home, you are required to purchase Fire Insurance, and if you own a condo, it is normally handled through the HOA.  It may not be such a bad idea to add coverage to your personal items as well, in addition to your fire insurance and your home warranty.  It is a small price to pay yearly to cover your most prized possessions!  

For more information on personal property insurance, contact your insurance provider to learn more about specific coverage and avoid problems in the future!

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Post by Robert Mack

Robert has written 724 articles.

{ 2 comments… read them below or add one }

Laguna Realtors October 27, 2009 at 12:42 pm

Thanks for the info. Personal property insurance is really a great way that will replace or pay in part for your possessions if they are stolen or destroyed.

robertmack October 29, 2009 at 11:47 pm

Thanks for the comment! It is a great way to keep your out of pocket costs down….just in case of an emergency! I was un aware that home warranty companies didn’t handle damage caused by the problem, so I really lucked out since my client had it. Now I recommend it all the time!

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