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Things to Know About Your Personal Property Insurance

Property Insurance in Prescott local agentMosaic Insurance in Prescott Valley Arizona brings you some things to think about when selecting a policy to cover your valuables and personal property. It is important to review your coverage to be sure your belongings are covered in the event of fire, theft, loss, and more.

Here are some suggestions to keep in mind:

How much Personal Property insurance will I need?

It is important to consider when purchasing personal property insurance if you want cash value coverage or replacement cost. Cash value will pay for your items based on depreciated value or the cost of a comparable used item. Replacement cost coverage, would replace your items for what it would cost to purchase them new.

For example if you bought a Computer 6 months ago and you paid $1000 but now it's worth only $500; Cash value would only give you $500, Replacement could would give you the full $1000

Could a Homeowners policy have Personal Property Insurance built in?

Some homeowners insurance policies include a certain type of personal property insurance up to an estimated amount of your house's worth.  It is possible that you can lower your insurance premium by lowering the coverage amount, But if you go too low, it might not cover all items in your home. It is best to do some research to estimate how much it would cost replace your property based on today’s prices in your area. Since rates are always changing, make sure to renew your coverage limits periodically.

Understand your Policy's Exclusions

It is vital to understand what exclusions a personal property insurance policy may have. For example, some rare, or outdated items might not be even insurable. Items of an Illegal are commonly not covered. Check to make sure what your policy will cover against losses caused by: Earthquake, Fire, Forced Entry, Theft, etc.

It can be rather daunting to figure out how much coverage you need. At Mosaic Insurance of Prescott, we are here to help. With over thirty years of experience, we would be glad to answer any questions you may have about Personal Property Insurance.  Call Us at 928-458-7374.



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