First, you bought a house in the suburbs of McConnellsburg, PA. Then, you picked up a home insurance policy from Peck Insurance Agency. Next, you got the big promotion and celebrated by popping open a nice bottle of wine and putting one away. But did you add it to your personal possessions inventory on your insurance policy? You should have.
Actual Cash Value Won’t Replace Your Valuables
Most likely when you bought the house, you opted for actual cash value in the section that would replace your personal possessions. This is fine when talking about a set of pots, pans, and your generic furniture bought at that big box store. However, actual cash value means that you will receive the current market value of a 10-year-old generic piece, not the real cost it would take to replace a collection of fine art and unique items.
An Inventory helps to Recoup Your Real Losses
When you maintain an inventory of your valuables that includes assessed value, your home insurance will fully reimburse you for the expense of that case of wine. The collection of rare coins or stamps won’t just be lost to the wind if your McConnellsburg, PA home burns down. You do need to keep your inventory updated with each major investment that you make.
Insure Your Success, Not Just the House
Ultimately, when you are finally reaping the rewards of hard work, you need to take steps to protect your wealth. Your personal collections represent the sum of your efforts in a way that a standard home insurance policy simply will not. Sit down with your agent at Peck Insurance Agency and have a frank discussion about your possessions, their real value, and how to best protect your investments for a bright and comfortable future.