Personal Property Insurance is Often Overlooked

KATY, Texas - Oct. 23, 2013 - PRLog -- But personal property insurance is important, while some homeowner insurance policies offer partial coverage for personal belongings, most basic homeowner’s policies will only reimburse for part of the original cost of the damaged belongings.

“This is because most homeowner’s policies reimburse belongings based on “actual cash value.” Actual cash value takes depreciation into account, meaning what you paid for your belongings years ago, may not be their market value today.” Texas Insurance Agency explains.

For homeowners who are interested in personal property insurance, considering a policy with replacement cost value, instead of actual cash value might be a better option.

Texas Insurance Agency explains what makes replacement cost value coverage so valuable.

“Replacement cost value means that amount of reimbursement you will receive for your damaged belongings, is based on the cost of replacing these items new -no depreciation is taken into account,” Texas Insurance Agency explains.

“While this coverage costs more, it also means that you will receive more if your items are destroyed,”

Unfortunately, though, many homeowners don’t realize that they need personal property insurance -until it is too late.

“Whether your home suffers partial damage or there is a catastrophic loss of property, it is only the insurance that can safeguard you from losing your most valuable financial assets,” says Texas Insurance Agency in reference to personal property insurance.

“To ensure that your valuables are insured under a more comprehensive policy, you may consider taking out additional insurance specifically designed to cover your personal property,” Texas Insurance Agency explains.

Many think finding the right policy for their needs is a difficult task, but a personal property insurance policy is important.

Texas Insurance Agency provides personal property insurance coverage for the State of Texas.

If you have any questions regarding a personal property insurance policy, contact Texas Insurance Agency today. 281-398-1010.

www.insuranceagencytexas.com/articles/personalpropertycoverage.html

www.insuranceagencytexas.com/articles/tipsoninsuringyourpersonalproperty.html