The investment in household insurance is one of the best decisions you can make. Many times, people believe the biggest benefit from this type of property insurance is the protection it provides to the structure of your home. It does provide protection from fires and vandalism, of course. However, it also offers protection for many of the valuables you have within your home. As a new homeowner, it is important to remember what types of coverage you have and what it protects.
Home Electronics and High-Value Items
Many homeowners invest in electronics especially if they’ve purchased their first home. From televisions to computer equipment, you may spend a significant amount of money right from the time you move in. Add to this your home’s appliances and other types of electronics or high valued items and you may be putting a lot of money into your new home. Your property insurance needs to protect all of that value.
Before you agree to a property insurance policy, review it. Be sure that the amount of coverage selected (whether you select the basic policy or a higher level of coverage) needs to be enough to cover all of the contents of your home. Contents insurance will cover your home for a variety of factors. However, there is a limit to this level of protection. Your policy needs to cover the value of all electronics and other content in your home to be fully protected.
Electronics are protected in most cases. Some insurance policies will specifically require a list of the types of equipment or electronics you have as well as information verifying their value, such as a receipt from the purchase of the item. Adding the items specifically to your policy can help to make sure you have protection to cover the value from an incident. This may include theft, vandalism, fires, flooding, and other risks covered by your property insurance.
While you may not think about the value of each piece of clothing or furniture you have, it is important to consider the value of your electronics in comparison to the value of your property and contents insurance coverage. If necessary, it may be beneficial to add additional protection to your policy to safeguard these high valued items. Talk to your insurance agent about the right level of coverage for your specific needs in contents and property insurance.