A standard home insurance policy will cover your belongings if they are stolen outside or inside your home. The most important thing to determine is if your belongings are covered for Replacement Cost Value (RCV) or Actual Cash Value (ACV). With ACV, you get the amount your item is currently worth. RCV will give you the amount it costs to replace the same product at the current economic value. For example, if you got your TV five years ago, it may not be worth much now due to depreciation with ACV.
Those listed under your policy will have their belongings covered by your policy. This includes your children, spouse, and those you have identified on your policy. It will extend coverage to these people living in different places. For example, if your child is living in a dorm room on campus, then your policy protects them if their belongings are stolen.
Your home insurance policy in Michigan will cover most everything that can be stolen with some exceptions. Some items cost a higher amount to replace, and this means standard insurance policies will limit the amounts you will be reimbursed if these certain items are stolen. Jewelry and cash are two examples. If your car is stolen, it won’t be covered under your home policy but instead can be covered by a comprehensive auto policy. If you do have jewelry or items that are high in value, you may need to consider a personal floater. This coverage is added to the standard policy to help insure high-value property. You can go over your policy limits with an agent at North Coast Insurance Services in Lexington, MI.
Your home insurance will generally cover losses from break-ins. The first loss is of possessions, such as TVs. The second can be damage to the physical structure, and insurance can also cover those repairs. Discuss this further with your agent if you have questions.
Contact North Coast Insurance Services in Lexington, MI to get a quote on home insurance.