For most people, their home is the most expensive item they will ever buy and the best investment as well. It makes sense to cover it with homeowners insurance to make extra sure that, if you do suffer a loss, you’ll be able to recover and get back on your feet. There are a lot of different add-ons to an insurance policy and some of them are incredibly important. Here are some of the most popular you should inquire about when you get your next homeowners insurance quote in Ohio.
Replacement Cost Coverage On Your Contents
Most homeowners policies will pay to rebuild your home to new condition after a fire or other type of loss. So if your house burns half-way down, it will be rebuilt to the newest building codes using all new materials with no depreciation for age or wear and tear. However, contents are always depreciated and some items that you use everyday won’t be worth even a dollar when you need to replace them.
This is when you’ll realize that depreciation has eaten away at the value of most of your belongings and contents. Things like a home stereo, bread maker, or pots and pans are literally worth nothing after their value is depreciated. The problem is, that 5 year old juicing machine you own, may have only been used a dozen times, but will get depreciated to near zero. So, when you’re getting your homeowners insurance quote in Ohio, ask your agent to explain replacement cost coverage on your contents.
Ask About Riders To Cover Certain Valuable Items
As we go through our lives, sometimes we inherit, or buy, personal belongings that are incredibly valuable. It may be your grandma’s diamond wedding ring, or your grandpa’s 1810 shotgun. The problem with these items is some of them are limited on your policy. Each company is different, so check with your agent to make sure. On a valuable ring, for instance, you may want to get a jewelry rider that establishes a value, including an appraisal with photos, so that in the event of a loss, you’ll know how much it’s worth.
Other things that should be covered on a separate rider might include work tools or equipment, valuable stereos, cameras, phones, or other gadgets. There are even riders to cover your iPhone in the event it’s lost, stolen, or broken.
Next time you get your homeowners insurance quotes ohio, sit down with your agent and find out what you’re missing. It might be some of your most valuable possessions are not covered or have limited coverage, you’ll never know until you ask.