Call Us 810-225-8555 ☰ ˟
Logo
Call Us 810-225-8555
  • Get a Quote
    • Health
    • Homeowners
    • Auto
    • Specialty Vehicles
    • Business & Commercial
    • Life
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About OneSource Insurance
    • Our Locations
    • Employee Directory
    • Privacy Policy
  • Blog
  • Contact
    • Contact Us
    • Join Our Newsletter
Home Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Learn More
Auto Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More
Business

Business

We browse through a wide variety of coverages and find the right one for you.

Learn More
Life and Health Icon

Life & Health

We browse through a wide variety of coverages and find the right one for you.

Learn More
Recreational Icon

Recreational

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > Verifying the Value of Your Home’s Possessions
FRIDAY, SEPTEMBER 10, 2021

Verifying the Value of Your Home’s Possessions

Damage to your possessions equals money lost. You can often use your homeowners insurance for reimbursement. Still, maximizing contents coverage means verifying the value of your belongings. How do you make sure you have enough protection? 

Contents coverage can help replace almost any home’s belongings, yet the key is getting a high enough value with this protection. 

What is Personal Property coverage? family sitting outside home
You can insure the house and its contents with insurance. Dwelling coverage pays for damage to the building itself. Possessions and contents inside the home have protection under their own coverage. 

Let’s say a fire rips through your home. It could damage clothing, electronics, furniture and any other items in its path. If you have personal property coverage, you can get funding to replace these items. However, you’ll need to make sure you have enough money within this coverage to replace damaged items. 

Determining the Value of Your Possessions 
To receive full compensation from possessions insurance, you’ll need adequate policy limits. That means determining the value of your possessions.  

Keep receipts and photo verification on the value of certain possessions. This can help prove to the claims adjuster that they should pay you certain amounts for certain items. You also might not realistically need to include certain items on your appraisal. For example, easily-replaced clothing might be something to leave off. It could save you money on your overall premium. 

Remember, even with adequate coverage, restrictions on your personal property coverage might apply. 

  • Some policies base the personal property limits on a percentage of the structure coverage. If you have $1 million structure coverage, you may only receive 20 percent of that for possessions. That’s $200,000 in this example. 

  • Policies might also place limitations on certain items. For example, they might only pay a maximum of $2,000 for lost electronics. Therefore, if you lose a $3,000 TV, you can get $2,000, maximum, to replace it. That’s $1,000 that will come out of your pocket. 

  • Certain policies will exclude certain items. For example, many won’t insure priceless art or jewelry. You would need to add policy endorsements or get separate coverage for these items. 

  • On some policies, you may only be able to get cash value on items instead of the full replacement cost. Cash value will pay a depreciated amount for an item. You can often choose which type of coverage you want. Ask your insurance agent which protection works best for your unique situation. 


Talk to your insurance agent about the different elements of your personal property coverage. We can help you better understand the limits of your policy. With the right guidance, you can choose the appropriate coverages for your policy. 
 
Posted 6:52 PM

Tags: home insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

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
  • 2021

  • auto insurance(1)
  • business insurance(1)
  • home insurance(1)
  • life insurance(1)

View Mobile Version

Contact Us Today!

810-225-8555

Contact Us
Social Social Social Social One Source Insurance Instagram

Resources

  • Get a Quote
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

Brighton:
10192 E Grand River, Suite 113
Brighton, MI 48116

P: 810-225-8555 
Lincoln Park:
2868 Fort Street
Lincoln Park, MI, 48146

P: 313-383-7770 

© Copyright. All rights reserved. | Powered by Insurance Website Builder