Personal Property Coverage
There are so many added responsibilities when becoming a homeowner. No matter the size of the home, there is always maintenance that needs to be done. In addition to maintaining your home, it is important to make sure you have personal property coverage. There are a few key home insurance policies that you will need to invest in depending on the state you live in. Personal property coverage is one of the insurance products that many are unaware of.
Home insurance is essential to protect your home. Repairs and reconstruction cost can be expensive, but by having insurance you simply pay a deductible. In the unfortunate event your personal property is damaged, personal property coverage comes in to protect you. In case of fire, theft, vandalism, accidents, storms, and earthquake, personal property claims differ from home insurance.
For most insurance policies, home insurance does cover personal property but it has limitations. Some insurance companies will include furniture like sofas and coffee tables. Many insurance companies will not cover jewelry or contents in a safe. This is due to this items being priceless or hard to value without proper verification. This is why it is important to get a separate policy if you have: antique paintings, antique jewelry, irreplaceable documents or artifacts.
It is important to do a complete inventory of the items that you have. Some insurance companies provide a home inventory checklist or tool for homeowners. This will help determine just how much insurance your dwelling needs. Without these tools, many people do not recoup the accurate amount for their valuables.
With this type of coverage, your personal property is assessed at fair market value. This amount would be equal to selling at a garage sale or online auction. Insurance companies would refer to this as actual cash value coverage or value insurance. This is usually enough money to buy a replacement that has been used or like-new. In some cases, there's also replacement cost coverage which allows the policyholder to purchase items as new. The premiums are typically higher for this type of coverage.
In your states, you will need a variety of insurance products to cover your home which can include:
- Flood Insurance
- Earthquake Insurance
- Natural Disaster Insurance
Most insurance companies offer a multi-discount policy to homeowners. You can also combine your auto insurance policy for even more savings. If you need a quote for your personal property coverage, call Blue Sky Coverage and learn how to save up to 10%.