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Do You Need to Itemize Personal Possessions on Your Home Insurance?

If you are thinking about updating your St. Petersburg, FL home insurance policy with TBIG Insurance, Inc., you might be wondering how your personal possessions are valued in the case of a total loss. Let’s check out some facts and suggestions to protect your lifestyle in the face of disaster.

What is Actual Cash Value vs. Full Replacement Cost?

In the personal property section of your home insurance policy, it is likely described as actual cash value for the type of reimbursement you will receive. That means that your electronics, dishes, clothing, etc. are valued at their current market value at the time of the loss. If you paid $2000 for the home entertainment system five years ago, you could expect to receive a few hundred to replace it if it is lost.

Some homeowners opt for full replacement cost for personal property. That means that your insurance would pay you what it would cost to buy a new set of China, replace your shoes, or even buy you a new recliner. The catch here is that full replacement raises your premium and you must maintain a current inventory of all your property.

Protecting Your Investments with an Itemized List

If you invest in fine art, collectibles, antiques, or even designer fashion, you may wish to itemize those pieces that cannot be easily replaced. Now is a good time to sit down with your agent at TBIG Insurance, Inc. and discuss which valuables require additional coverage or even extra security measures. You may wish to make an annual appointment to review the items you have added to your collection over the year, so you never place your most valued possessions at risk. Give your St. Petersburg, FL insurance agent a call today for more information on the personal property section of your home insurance policy.