 Your
homeowners policy protects both your house and the belongings you’ve
gathered that make it a home. It also provides important personal
liability protection and needed funds for home repairs. While no one
wants to think about losing the many ordinary and extraordinary
things that fill their house, it’s important to take an objective
look at the value of those items to ensure you have proper coverage.
Morris Insurance agents are ready to help you find the right
coverage for your house.
|
Please complete
our
Homeowners Insurance Renewal Survey
when your policy is up for renewal. This will help to
make sure that you're getting the proper coverage and the most
cost-effective policy. |
Your Agent Will:
 |
Discuss the difference between
replacement and actual cash value coverages. |
|
Help determine if you have
special needs, such as high value items, collections or home
office equipment. |
|
Suggest ways to do a home
inventory. |
Replacement Cost, Actual Cash Value –
What’s the Difference?
There are two ways to insure your belongings, for their replacement
cost or their actual cash value. With an actual cash value policy
you will receive the cost of your possessions minus depreciation. A
replacement cost policy reimburses you for the full cost to replace
the item at today’s cost.
Special Possessions That Need Special Coverage
High value items such as jewelry, silverware, artwork and furs may
need additional coverage, or a “rider”, since standard policies
often limit the amount of coverage for these types of belongings.
Collectibles, including stamps and coins, are also likely to need a
rider. In addition, if you run a business from home, your homeowners
policy may not provide enough protection for your business
equipment.
Know What You Have & What It’s Worth
Many of us take for granted all the items we’ve accumulated in our
house. If disaster strikes, having a home inventory eliminates the
need to rely on memory.
If You Own a Condo or a Townhouse
Condominium associations carry a master insurance policy for the
outside of the structures, such as the roof, sidewalks and other
exterior common areas. These policies can vary widely in their
coverage so talk with a Morris Insurance agent to make sure you have
the protection you need.
|
