Personal property is typically covered under regular renters insurance up to a certain limit. Personal property is defined as everyday property such as furniture, clothing, and sometimes clothing and computers and TVs. Therefore, these personal items are usually more of things that make up a typical household. An example is if there is a leak in the roof and your furniture gets damaged, that piece of furniture can be covered by insurance. This means that the insurance company will reimburse you for that item up to the coverage limit
and after that limit is reached you must cover the rest with a deductible. On the other hand, collectables are on a much different scale. They are not typically everyday items or items that are needed in your daily life. Collectables can be things like a coin collection, a painting collection, a fine art collection, or a stamp collection. As these items are typically more valuable than everyday items, they, therefore, require a larger insurance policy to cover.