Auto Insurance AUTO

Auto insurance protects you against financial loss if you have an accident.

Read More
Homeowners Insurance HOMEOWNERS

A standard policy insures the home itself and the things you keep in it.

Read More
Flood Insurance FLOOD

Typical homeowners policies exclude flood damage. Get coverage now.

Read More
Earthquake Insurance EARTHQUAKE

Earthquake claims are best covered with a standalone policy.

Read More
Business Insurance BUSINESS

Discover the perfect insurance options to meet your specific and unique needs.

Read More
Life & Health Insurance LIFE & HEALTH

Learn about different health coverage options that fit your needs.

Read More

Is All Your Personal Property Covered?

The personal property (or contents) coverage in your home insurance policy has some pretty specific guidelines that determine what is, and isn’t, covered. It also determines how much coverage you can expect per incident.

Actual Value and Replacement Value

The first point to pay attention to is how the value of your property is determined when you make a claim. Your policy will specify that it pays either replacement value for damaged property, or actual value. Replacement value is the reasonable cost to replace the item you lost with a similar, new item. If your policy pays actual cash value, then they will take the replacement cost and subtract an amount for wear and tear.

This is one of the reasons why having a home inventory with receipts, serial and model numbers, as well as pictures of your property is so important. This will make it easier for an insurance adjuster to estimate the value of the loss and give you an accurate benefit amount.

Individual Item Coverage

Contents coverage is pretty broad in most home insurance policies. Your furniture, décor, appliances, clothes and some electronics will likely be covered, including those items kept in outdoor storage structures. However, property such as your firearms, artwork, cash, jewelry and some other valuables may not be covered or may have a value that exceeds the limits of your policy. You can get special endorsements to cover these items. These endorsements may require the items, and their value, to be detailed within the policy and may require professional appraisals.

Other Coverage Points

  • If your credit cards are stolen, you may not have coverage in your policy unless you have an endorsement for credit card forgery.
  • Contents coverage extends to most digital possessions such as MP3s and e-readers as long as you can prove ownership and cannot re-download the content.
  • Business property within the home may not be covered unless your policy specifies that it is.

It’s important that your home insurance coverage provide adequate protection for your individual needs. Give us a call at (800) 807-6871 and we can work together to make sure that everything you need covered, is.
Cliff Cottam Insurance Services will help you determine the best protection for your situation.

Posted 12:40 PM

Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2018
  • 2017
  • 2016
  • 2015
  • 2013
  • 2012
  • 2011
  • 2010

View Mobile Version
© Copyright. All rights reserved.
Powered by Insurance Website Builder