What Exactly Is Personal Property Insurance in Cape Coral?

by | May 7, 2019 | Insurance

Personal Property Insurance in Cape Coral is nice to have if a person has valuable property that might not be covered by other insurance policies that they have. Before paying for any personal insurance, it’s crucial to go over all insurance coverage to make sure there are gaps in coverage that might not pay for damaged, lost, or stolen property.

What About Homeowners Insurance?

If a person gets homeowners insurance from Lee County Insurance Agency or any other place, they will have some of their personal property covered. That protection of their property can extend outside of their home. For example, if a laptop is stolen from their car, their homeowners insurance might cover the theft. Limits are placed on how much an insurance customer can claim.

Looking At Limits

It behooves a insurance customer to carefully go over their coverage and see if their limits cover their valuables. That will tell them whether or not they need Personal Property Insurance in Cape Coral. For example, if a person has a gun collection that is valued at over $4,000, their homeowners insurance probably isn’t going to cover it. Buying more insurance is the right thing to do.

Coverage Beyond The Home

When buying a personal insurance policy, looking at the coverage that is given to property that is outside the home is important. Typically, a policy will have a payout limit for property that is outside the home that is 10 percent of the total policy. So if a policy covers up to $100,000 of a property, only $10,000 of that property is covered outside of the home.

Replacement Costs

There is actual cash value(ACV) and replacement cost value(RCV). ACV factors depreciation into the equation. RCV pays a insurance customer the actual dollar amount it will cost to replace the property that is covered. Depreciation can make a big difference in the amount of money that a person receives for their insurance claim.

Insurance is something that people need to have in some cases. Anyone with valuable property has to make sure that insurance coverage is in place to compensate them if something bad were to happen to their belongings.