Home Insurance - Property Coverage

Do you know how much your belongings are worth?  Start by walking around your home and look for items that you spent a lot of money on, or that have appreciated in value since you got them.  Having a record of those items (pictures, documents, etc.) is very important in working to ensure they are protected properly.  You may also want to download Allstate's Home Inventory Tool or iPhone application to help you record these items and make them more accessible to you should a disaster occur.  Finally, you will need to make a decision about how to insure your belongings and choose coverage options to suit your individual replacement needs.

Actual Cash Value vs. Replacement Cost

Your personal property is typically covered for what you might expect to get if you sold it at fair market value - possibly at a garage sale or an online auction site - as replacement cost minus depreciation, also called Actual Cash Value.  With Replacement Cost coverage, your insured personal property items are usually covered for what it costs to buy them again at the time of the claim as new.

Scheduled Personal Property

Commonly, homeowners policies contain limits on certain items such as jewelry or furs.  If your valuables exceed per item limits, you may want to consider adding Scheduled Personal Property coverage to better protect more valuable items.  For example:  There may be a $1,000 limit per piece of jewelry and a $2,500 limit for all jewelry as a group.  If you own a watch that has appraised for $10,000, you have an option to cover that specific watch at the higher value.

The O'Quinn Insurance Agency provides home insurance for Daytona Beach, Ormond Beach, Port Orange, Palm Coast and all of Volusia and Flagler counties.  Learn more about our various insurance products by following the links below, or contact us today to talk to a friendly O’Quinn representative about your insurance needs!