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Know Your Policy

A homeowner’s policy can be a little overwhelming, and can be magnified if you don’t get what is really in your policy. Here are some tips to help you familiarize yourself with what may be in your policy.

In the event of a loss, you most likely have steps lined out for you on your policy:

Protect against further loss, such as moving personal items to a storage facility
Call the police
The longer you wait, the more difficult it will become to make a claim

How You Are Reimbursed

Knowing the most common payment types will help when it comes time to pay for the loss of personal property. Actual Cash Value (ACV) will repair or completely replace the damaged item minus depreciation, while Replacement Coverage is the same way, but does not include depreciation. It is, however, more expensive.

How Far Your Policy Goes

You should know the extent of your policy’s coverage in terms of place. Some policies cover you and your personal property anywhere around the world, while others can only cover items while they are around your house.

You should direct any further questions you may have to your insurance agent or provider and ensure that you completely understand your policy.