A lot of people do not have an idea of how much their house contents are worth. You will actually be surprised at how much your belongings are worth. This is why it is important to make sure you have the right insurance coverage for your personal property.
Maybe it is high time you should take an inventory of all your personal belongings. Your list should include your most expensive items and items whose value has appreciated since you bought them. Taking an inventory will help you decide on the right sum insured for your personal property.
At D’Agostino Agency Insurance, our personal property insurance will cover all movable items not covered by a homeowner's policy. This will include things such as clothing items, electrical appliances, household furniture, jewelry and collectibles. We offer a discount if you insure your personal belongings and your home under one policy.
Personal belongings get a cover at either replacement value or actual/current cash value. Personal property depreciates and loses value over time; it is therefore important to keep this in mind when you do your insurance shopping. Let's look at the two coverage options in detail;
This is also called market value of an item. It is the price that you get at the market, (online or local auction), for an item. The market value is the replacement cost less depreciation. If your personal belongings are insured at actual cash value, a used item will replace any damaged or lost item. The premiums charged for this kind of coverage is lower.
Replacement Cost Coverage Basis
As the name suggests, your personal property will get insurance at the cost of replacement. For example, if your five year old watch gets stolen today, D’Agostino Agency Insurance will replace that watch with a new one. You should expect to pay slightly higher premiums for this option.
It is common for insurance companies to put a maximum insured limit on a policy. This could be on a single item such as jewelry or on all your insured items. It is therefore important to understand the maximum limits on the different categories on an insurance policy.
You need to be careful when you insure high value items such as jewelry for example; you need to understand whether the maximum insured limit is per item or for all your items.
If you have personal valuables that are more than the maximum limit, then you may need to consider a Scheduled Personal Property policy.
Let D’Agostino Agency Insurance Do a Free Quote for Your Personal Belongings Today
Do you have adequate insurance cover for your personal property? Why not let D’Agostino Agency Insurance do a free quote for you today. We have been in the industry for years now; we know and understand the right cover for our clients.
Give us a call or email us today and let us know your personal property insurance needs.