McKinney, Protect Your Personal Property

Jun 16, 2016 (0) comment

Another week, another free insurance article on the coverage you can expect when you receive a free homeowners insurance quote from one of the major insurance companies, such as: Allstate, Safeco, Travelers, MetLife, State Farm, or Nationwide. This week, we will be looking at the Personal Property coverage.

If you could somehow pick up your house, and shake it, whatever would fall out is your personal property.  Personal property is whatever isn’t an attached part of your home, so your homeowners insurance policy would cover: appliances not built in, books, clothes, etc, all under your Personal Property.

Much like dwelling coverage, it’s very important to know if your policy covers your personal property at Actual Cash Value, or Replacement cost.  Generally, the majority of the big insurance companies offer personal property at Actual Cash Value.

What Actual Cash Value means when it comes to personal property is this: If you bought a TV for $1000 in 1980, it has depreciated massively over the years.  What was once top of the line is no longer.  With ACV, if you suffer a loss, you would only be paid the amount that the TV is currently worth.  However if you have a replacement cost endorsement for your Personal Property coverage, you would receive the amount the TV was initially worth, or the $1000.  This aspect of personal property coverage applies to all your personal property, so it’s important to know if you have Actual Cash Value or Replacement cost endorsed on your free home insurance quote.  In case of a loss, say some of the home break ins that have occurred recently in Grapevine, Garland, and McKinney, would you rather your personal property be replaced to the amount you purchased for?  Or the amount it has depreciated to.

If you’re not sure what endorsement you have on your policy, or you’re looking to change to Replacement cost, you can find us on Facebook, or email us at contact@minsuranceagent.com.  If you’re ready for a free insurance quote, you can submit your information on our home page, or call us at 214-733-8400.

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