J.J. Fishbein, Inc.
21 North Main Street
Wallingford, CT 06492
(203)265-9474
(800)750-8242
|
How much homeowners insurance should you have?
|
|
| If your home is completely destroyed, you want to be able to rebuild it to its original condition. This requires having enough insurance to replace your home, which may cost more than its value on the open market. In addition to your home's structure, you should have enough insurance to replace your belongings like furnishings, clothing, appliances, etc. | |
| Here are some helpful points that you should take note of when purchasing or renewing your homeowner's coverage. | |
| · The most important item you can get to protect your valuables is a REPLACEMENT COST endorsement. It is inexpensive and guarantees your possessions will be replaced with one of similar make and model, regardless of the stolen or damaged item's actual cash value. Many companies offer this at no additional cost or at a minimal cost. | |
| · If you collect art, have valuable jewelry or keep other things of special value, consider expanding your coverage to protect those items. Policies often limit the amount of coverage for these items. Additional insurance may be in order. |  |
| · A homeowner's policy typically covers possessions whose total value equals 70 or 75 percent of the homeowner's coverage. In simple terms, that translates to $70,000 to $75,000 worth of coverage for your personal possessions if you have $100,000 in coverage on your home. | |
| · In addition, many policies have sub-limits on several categories of valuables. If the value of those items exceeds the policy sub-limit, extra coverage is probably in order. | |
|
|
|
| We suggest that you take the time to inventory your possessions. | |
| · In the wake of a catastrophe such as a fire, it can be very difficult to create a list of all the things you owned. | |
| · Now is the time to walk through your house and make an inventory of your possessions. One easy way to do this is to videotape the contents of your home. When you're done, place a copy of the tape in a safe deposit box. Or make a copy of your tape or inventoried documents, and store them at a family members home. Then, if the worst ever does happen, you'll have a record that can help us to help you in the replacement of your possessions. |  |
|
|
|
