Is Your Property Properly Covered?

When you purchase a homeowners insurance or renter’s insurance policy, you carry coverage for the things that you own. That means that your policy will protect all of your personal property if you are using it properly. Some personal property items are subject to maximum limits and may need to be itemized or scheduled on the policy.  To ensure that every single item in which you have invested money by purchasing is truly covered, here are a few frequently asked personal property insurance questions, along with their answers.

  • What Kind Of Coverage Should I Get? When you purchase personal property coverage, you have the option to choose cash value or replacement cost coverage. Replacement cost will cut you a check to buy the replacement item new today, while cash value will reimburse you up to the amount you could reasonably expect to receive had you sold that item today. In other words, if you do not want depreciation to play a role in the reimbursement you get, choose replacement cost coverage.
  • Do Renters Need It? It is a common misconception that the landlord’s insurance policy will protect the belongings in your rental. It will not. Get your own renters insurance policy to protect the things you own.
  • How Do I Make Sure I Have The Right Coverage? Creating a home inventory is crucial when protecting your belongings. Not only will tallying up your home inventory ensure that you have the correct dollar amount of coverage for your property, your home inventory will come in handy if you ever need to file a claim to get a lot of your property replaced.

Is an insurance expert helping you understand the kind of coverage you need for your belongings? Contact North American Underwriters to get the right Connecticut homeowners insurance or renter’s insurance policy to fully protect your assets. Serving Farmington, Bristol, and Plainville and all of CT, we are here to help you protect your most valuable—and your most valued—belongings. Don’t Renew Until You Call NAU!