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Insurance Coverage

The insurance appraisal

An insurance appraisal covering your valuable personal property is an important document to have yet few people do. By having an insurance appraisal, you can schedule a personal property rider to your homeowners insurance to ensure that you are adequately covered in the event of damage or a loss. Do you know how much your current homeowners insurance policy covers for your personal property? The standard homeowners insurance policy will typically cover your personal property at 50 percent of the value of your home. However, this accounts for the entire contents of your home, including furniture, electronics, clothing, jewelry, art, etc.

Scheduled personal property riders

The standard level of coverage may not be sufficient to cover the replacement of your property especially if you have a collection of artwork or antiques making it necessary to schedule a personal property rider. Additionally, basic homeowners policies will limit coverage for certain types of high value personal property such as artwork, antiques and jewelry. For example, standard coverage for jewelry is usually limited to $2,000 so if you have any jewelry valued over $2,000 and there is a loss, you will not be covered. This is why the insurance appraisal stating the replacement value is so important so that you can be reimbursed for your valuable personal property at their full value.

Actual cash value versus replacement value

Without an appraisal stating the replacement value of your personal property, your homeowners insurance will only reimburse you the actual cash value. The actual cash value is typically the fair market value or the replacement cost minus depreciation. By having your insurance appraisal and scheduling a personal property rider for your valuable personal property, you will be covered for the replacement cost, the actual cost of replacing the items with no deduction for depreciation.

Contact us here to learn more about insurance coverage appraisals or to schedule an appointment. Please feel free to email us at or call us at 401-400-2173

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