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.
A home is one of the most expensive investments you make to guarantee your comfort and that of your family. At Peck Insurance Agency, we understand that one of the most crucial parts of being a responsible homeowner is protecting your investment with quality homeowners’ insurance. Here’s why:
- Satisfy your Mortgage Lender- Most banks and mortgage lenders in McConnellsburg, PA will require you to carry insurance as a condition for your mortgage. The homeowners’ insurance guarantees the protection of the lender’s investment in case the house is damaged. Lenders want you to carry home insurance to cover the amount of the mortgage.
- Protection from Loss- A homeowners’ insurance covers loss or damage to your home and its content by fire, tornado, high winds, or a hail. It’s important to make sure your home is protected from catastrophic loss if a natural disaster occurs.
- Protects Equity- A home will always be your single most significant investment. A homeowner’s insurance policy protects it by safeguarding its value. Equity represents your homes worth over and above the mortgage as well as other liabilities relating to your property. As you continue to make payments, renovate, and improve your home, the equity in your property increases. Homeowners insurance guarantees that if something happens to your home, you won’t be forced to begin all over again.
- Disaster Assistance- If your home is destroyed or so severely damaged that you need to seek help elsewhere, your home insurance policy will pay to relocate you. The ‘loss of use’ coverage reimburses you for meals, hotels, and other living expenses.
- Protection against Robbery and Theft- Homeowner insurance offers protection against damage or loss caused by burglary or a home invasion. If someone breaks into your home, a homeowner’s policy will reimburse for the actual cash value of stolen or damaged inventory.
When deciding how much homeowners insurance you need to safeguard your home in McConnellsburg, PA, please contact Peck Insurance Agency for a professional assessment of your coverage needs.