Are Your Personal Possessions Really Protected?

While you have Plano, TX home insurance through the Paragon Independent Insurance Agency, are your valuable truly protected in case of total loss due to fire or theft? There is a section of your policy that is for replacing personal items in times of emergency, but each one can provide differing coverage.  If you own valuables such as high-end electronics, designer shoes or jewelry, will you be sufficiently compensated when faced with replacing them with a single check from your insurance company?

Actual Cash Value vs. Full Replacement Cost

Once you’ve worn your red heeled shoes a few times, they are no longer considered new. Should they be part of a claim of personal possessions, it is likely you’ll receive significantly less compensation than what it will actually cost to replace them.  Many basic home insurance policies use an actual cash value to place a price on your items, meaning if they are used, you won’t get the money to replace it with a new version.  Full replacement cost helps to ensure your grandmother’s diamond ring will receive a proper valuation and benefit check.

Fine Collections Can Be Costly

Stamps, fire arms, coins and other fine collectibles should be itemized on your inventory complete with a valuation submitted by an expert in the field, in order to truly protect your investment in case of loss or theft.  You may want to include separate insurance for such items when creating a home insurance policy capable of protecting your future.

In order to ensure that you and your family will continue to live according to how you are accustomed after a catastrophic loss of property, it’s a good idea to give your agent at Paragon Independent Insurance Agency in Plano, TX a call today and update your home insurance policy.