Consider These Home Insurance Endorsements
As a homeowner, you know you need reliable home insurance. Home insurance policies, in their most basic form, are built to meet most needs of most people, which is to say, a home insurance policy can often be modified to provide better coverage for your specific needs, to fix gaps in coverage, and even to save money. To help protect your home, consider these home insurance policy endorsements that can enhance your coverage, provide new coverage, or save money on home insurance premiums.
Replacement Cost Coverage on Personal Property
Most policies are built to provide what’s known as Actual Cash Value (ACV) for your personal property coverage. This means you’ll be compensated at the actual value of the damaged items. Actual cash value depreciates the value of your personal property based on expected wear and tear due to age. For example, a 5-year-old widescreen TV is most likely worth less than a new widescreen TV, and a claim for the older TV may not provide enough coverage to purchase a similar replacement. You will have to pay the difference out of pocket. Replacement Cost Value is an endorsement that means that you can receive compensation for like items because it does not take depreciation into account.
Scheduled Personal Property
Items such as jewelry, electronics, computers, fine art, musical equipment, and other items of high value may need additional coverage. A standard home policy sets a limit for such as jewelry, which may not be enough to fully replace them in the event of a loss.
Personal Injury Liability
Personal injury liability is there for when you or your family members damage someone’s reputation. In a world where many of us are online frequently, sharing our thoughts about various topics on social media, it’s easy to find yourself on the receiving end of a defamation lawsuit. This type of coverage helps to pay for your defense costs from libel, slander, defamation, and more.
There are plenty of benefits of securing home insurance endorsements. Are you ready to find the right home insurance policy? Visit the professionals at Humble & Davenport Insurance to get started on your tailored home insurance.