Call 781-447-5561 For Fast Insurance Quote.
homepage   |   about us   |   contact us    



HOMEOWNERS INSURANCE INFORMATION & ANSWERS


Coverage For Personal Property And Coverage Limits On Certain Property


Actual Cash Value Or Do I Need To Add Replacement Cost
Most standard Homeowners policies provide coverage for your items of Personal Property on an actual cash value basis which is the cost to replace the items minus depreciation because of age or use.

For an additional premium charge, you can buy Replacement Cost Coverage for your Personal Property.

Your Policy will then pay you the cost to replace any item without depreciation. For example, a ten year old couch may be worth only $400, but it would cost $1,200 to replace it today. With a Replacement Cost Endorsement, you would collect the full $1,200 cost to replace the couch, minus only the amount of your deductible.

NOTE: The insurance company you chose will pay the full replacement cost only if you actually replace the item. If you do not replace it and instead accept money, the amount will be on an "Actual Cash Value" basis.



Most Homeowner's Policies Have The Following Coverage Limitations
  • $200 - Money, silver, coins, medals, etc.

  • $1000 - Securities, deeds, letters of credit, tickets, stamps, manuscripts

  • $1000 - On watercraft, including their trailers, furnishings, equipment and outboard motors

  • $1000 - On trailers not used with watercraft

  • $1000 - On grave marker

  • $1000 - Loss by theft of jewelry, watches, furs, precious and semi-precious stones

  • $2000 - Loss by theft of firearms

  • $2500 - Loss by theft of silverware, silver plated ware, gold ware, gold plated ware, pewter ware

  • $2500 - On property, on the residence premises, used at any time or in any manner for any business purposes

  • $250 - On property, away from the residence premises, used at any time or in any manner for any business purposes
NOTE: These limits apply per claim for each category, not per item. There are, in addition, other limitations too, such as those applying to watercraft and recreational vehicles which can be better protected by purchasing separate policies.


How You Can Obtain More Complete Coverage On Your Valuables
These limitations can not only be increased, but much broader "all risk" coverage can be purchased for your valuables. A Personal Articles Floater, which is usually attached to your Homeowners policy, will give you "all risk" coverage for jewelry, furs, silverware, stamps and coins and many other personal items such as golf clubs, cameras, or musical instruments. The Floater Endorsement also can include fine arts items and antiques. All you have to do to obtain coverage for your valuables is provide us with a full description of each item you want to insure along with an appraisal or bill of sale.





Request a Homeowners Insurance Quote Online

Insurance Type - you can select only one

First Name
Last Name
Email Address
Zip Code
Click to proceed
Request Home Insurance Information Call Back


phone: 781.447.5561
fax: 781.447.1246

293 Bedford Street
PO Box 228
Whitman MA 02382

Whitman, Massachusetts
phone: 781-447-5561
fax: 781-447-1246

175 Derby Street
Unit 2
Hingham Ma 02043

Hingham, Massachusetts

  |     |     |     |  


Copyright © 2016 AUSTIN INSURANCE AGENCY, MyInsuranceMan.com , All Rights Reserved