Having quality insurance for the things that matter most to you is important. Insurance policies are the most valuable safety nets that you can buy for you and your family. They give you the protection that you need in case something tragic ever happens. They can keep you from losing all the important things in your life and leaving you with a massive amount of debts that you have no way to pay for. The common forms of insurance are your homeowner’s insurance, automobile insurance, and your life insurance. All important parts of your life that you should have insurance protection for, but what about the other expensive and important things that you own that you use every day?
There is a lot of confusion surrounding these personal possession insurance add-ons. It’s vital that you understand the riders that you can include with your insurance policy. When applicants first look at these add-ons, they automatically assume that they are a waste of money because their belongings are going to be protected by their homeowner’s insurance plan. While that’s true, several situations could cause massive amounts of expenses and your insurance policy not covering the bills.
If something awful were to happen to your home, like a fire, your possessions are going to be damaged as well. You’ll need to repair you home, but what about all of your goods that you lost in the fire or storm? This is where the personal passion policies can be a useful tool for you and your family.
At Longevity Brokers we are proud to provide a variety of insurance products to the Denver, Colorado area and ensure that we get you the best insurance policies at an affordable price. We understand that choosing the right insurance plans can be a confusing process, but we are here to help. We want all of your prized possessions to have the protection that you need.
What’s Covered Under Homeowner’s Insurance?
While homeowner’s insurance is an incredible tool that everyone should have, some gaps and limits could restrict the effectiveness of your plan and keep you from having the coverage that you need. There are several different questions about your insurance policy that you’ll have to ask to determine if you need to get an additional possession rider.
The first question that you’ll need to ask is if there are any limits on your homeowner’s insurance policy. A homeowner’s insurance policy will cover your house, and it will also cover your belongings that are damaged inside of the house because of a fire or any other disaster, but most policies have limits on certain categories of goods. For example, the insurance plan may only cover $10,000 in electronics, and they won’t pay for anything above that limit. Carefully read your homeowner’s insurance policy to ensure that it’s giving you the coverage that you need to replace all of your prized possessions without purchasing any additional add-ons to your coverage.
If you live in an apartment or a rented property, one of the most common misconceptions is that the landlord’s insurance policy will also cover the belongings in the house or the apartment, but that couldn’t be further from the truth. While all owners are required to have an insurance policy for the building, it won’t cover any of the items that you lose.
If you want to get coverage on your belongings, you’ll have to purchase a renter’s insurance policy, which works similar to a homeowner’s plan, but you won’t have to insure the physical building, just the worth of everything that you own. These plans are a great way to protect all of the expensive things that you own that would be difficult to replace in the event of any disaster or peril.
How much jewelry do you have? Jewelry is one of the most common goods that are lost during disasters, and while both homeowner’s and renter’s insurance covers jewelry, there are typically limits that are much too low to replace all of the gold and diamonds that are lost. One way that you can get the coverage that you need is by purchasing a scheduled personal property.
Scheduled Personal Property
The idea of scheduled personal property is simple, there are plenty of categories that you have that may go above and beyond what your insurance policy provides. With scheduled personal property, you can purchase additional coverage for your belongings that would exceed the limits of your homeowner’s insurance plan or your renter’s insurance.
There are some common goods that policyholders use scheduled personal property add-ons for, like jewelry, cameras, firearms, art, and much more. It’s vital that you get the protection that you need before something tragic were to happen to your prized possessions.
With these supplemental plans, you’ll get much more coverage, and you also won’t have to pay a deductible on the plan. If you ever have to file a claim, you’ll be able to get the items replaced without the additional burden of the deductibles.
It’s important that you take stock of your belongings every couple of years and inventory all of the things that you have. While you hope to never need your homeowner’s insurance or renter’s policy, it’s important that you have all of the information and insurance that you need to replace everything that you own. One of the worst things that could happen is to know have the insurance protection that you need.
At Longevity Brokers, we are pleased to help the people of Denver CO., get the insurance policies that they need to secure every area of their life for an affordable price. Everything from their home to their car. If you have any questions about personal possession insurance or any of the other quality products that we offer, please contact one of our agents today, and we would be happy to answer those questions. You can call us at (702) 209-4598 or use our contact page.