You may have more valuable property and possessions than you think; do you have the best insurance that will protect your belongings in case of a robbery or fire? Your Homeowners Policy does provide some coverage, but with limitations and deductibles. It is important to take the time to assess your property and belongings, and make sure everything you value is completely covered; it is important to make sure those items most special to you, either financially, or personally, are covered.
You have a choice between two coverages: Actual Cash Value, or Replacement Cost Coverage.
Actual Cash Value Coverage:
This coverage will replace your property by giving you the value you might expect to get if you sold that item at present time; you would get a fair market price. This coverage may also replace the item, but not always with a new one. There is a premium for this value, but it is still less than Replacement Cost Coverage.
Replacement Cost Coverage:
This coverage typically insures that your personal property is covered for what it costs to buy that item again at the time of the claim. The premium for this coverage is typically higher than that of the Actual Cash Value.
If you have any questions about how our personal property insurance works, please feel free to give us a call at 978-745-3300. We are looking forward to helping you with all of your insurance needs.