Your home is filled with the furniture, artwork and personal possessions that make it comfortably one-of-a-kind. Just like you protect your house, condo or apartment against damages and liability, you may also want to consider contents insurance to protect your investment in the items that decorate your life. Condo insurance, like homeowners insurance, will cover a percentage of your possessions, but most people own items of more value than these policies will cover.
And what about collectors? If you own or collect expensive items, such as jewelry, classic cars, fine artwork, or musical instruments, you will need a contents policy to ensure their coverage. Some specialized items, such as golf carts or taxidermy animals, qualify for specialized insurance policies. Your independent agent can help you determine the policies that are right for you.
In order to safeguard your possessions, take a personal inventory to document each of your valuable possessions and their worth. Include details such as brand, manufacturer and serial number. Photographs are helpful as well. Documenting this information will help streamline the claims process, so keep your inventory somewhere secure like a fire safe or safety deposit box.
Contents insurance has two main coverage options. What’s the difference between the two?
· Actual cash value: Covers items’ original cost minus depreciation. This type of coverage is the standard for most policies.
· Replacement cost: Covers the actual cost of replacing items. For instance, if you bought a necklace for $1,000, but the current cost for replacing it is $3,000, this type of policy offers adequate compensation.
Getting appraisals on valuables can be helpful when it’s time to decide how much coverage to purchase. Your agent can help you select a policy that gives you peace of mind knowing your assets are as safe as your home itself.
A condo is a place to live—it’s your possessions that make it a home. Call Key City Insurance at (909) 980-0038 for more information on Victorville condo insurance.