Do I need personal property insurance if I already have homeowner's or renter's insurance?

Do I need personal property insurance if I already have homeowner's or renter's insurance?

Sam Friedman (Editor-in-Chief, National Underwriter, Property & Casualty Edition) gives expert video advice on: Do I need personal property insurance?; What happens if my property is damaged or stolen while I'm on vacation? and more...

Personal property insurance is usually part of homeowner's or renter's insurance. It's one of the essential pieces of those policies. However, if you do have any sort of specialized types of property, like a very rare piece of jewelry or art, or some collectible that's worth more than you can imagine, these types of things need to be identified up front, independently appraised and added specifically onto the policy as endorsements. This way you're sure to get full value if they're lost.