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In regards to the limits for personal property, the limits of the policy are usually the most that can be paid out for a claim. There are some rare exceptions and those may occur when mistakes were made by the broker or insurance company when the policy was originally written. The broker or insurance company would have to first admit to the mistake and then correct the policy. Sometimes these mistakes are discovered after a loss has taken place.

In regards to inflation guard for personal property, I usually only see inflation guard applied to dwelling coverage. However, I would encourage you to read your insurance policy carefully to determine if it may apply to personal property.