Standard homeowner and tenant policies are package policies that typically include property, liability, theft, and medical payments coverage. Designed to protect your belongings, personal property coverage can help repair or replace your things if a covered event happens, such as theft or fire.Personal property insurance helps pay to repair or replace the things you own after a covered loss, like a fire or theft. Personal property insurance coverage is the section in your homeowners insurance policy that covers your personal possessions in the event of a covered loss. Personal property coverage can cover your belongings such as furniture, clothing, sporting goods or electronics in the event of a covered loss. Use our personal property calculator to find out how much personal property coverage you need. Valuable personal property insurance provides coverage for jewelry, engagement rings, cameras, watches, musical instruments and other valuables. Personal property insurance pays to replace your belongings if they're stolen or destroyed. Here's what it covers and how to get it. You could negotiate with the seller and take a cash-back credit at closing and use the money to complete the project yourself. 3.