Click to CallPersonal property coverage is a central component of most home insurance policies, and you may have a few options when setting up this coverage. Here’s a look at some of the most common options that Huntington, WV homeowners have about their personal property coverage.
Understanding Coverage Limits
A coverage limit is the highest amount an insurance policy will pay for a covered claim. Personal property coverage limits are typically a percentage of your home insurance’s coverage for the house itself. For instance, if your home is insured for $100,000 and your personal property coverage is set at 50%, your possessions would likely be protected up to $50,000.
In addition to the general percentage-based limit, policies sometimes have lower limits for specific items. For example, jewelry, firearms, collectibles, and other high-value items might have particular limits. We at Partners Insurance & Financial Services Inc. can help you review a policy to see its limits for particular types of items.
Choosing Between ACV and Replacement Cost
Two main types of personal property coverage are actual cash value (ACV) and replacement cost. ACV generally considers depreciation, paying out the current value of an item at the time of loss. Replacement cost coverage normally pays the cost of purchasing a new item of similar kind and quality, essentially replacing what was lost.
We at Partners Insurance & Financial Services Inc. often recommend replacement costs because they provide more robust protection. Our agents will work with you to confirm that this option would best protect your belongings.
Protecting Your Belongings
If you own a home in Huntington, WV, contact us today to ensure that your home insurance protects your belongings.
