The potential risks faced by Americans differ substantially, depending on where they live. People who live in the southwest are not likely to need insurance coverage for hurricane risk. However, they are very likely to need adequate insurance coverage for damage caused by dust storms to their homes and to their vehicles.
Newcomers, moving to the southwest, may be unaware of the unique risks to people and property living in a desert environment. For this reason, it is best to consult with an insurance agent at INW Insurance Group in Mesa AZ for a thorough review of existing coverage and suggestions for how to improve your coverage in accordance with your personal needs.
Extra Coverage Needed for Very Valuable Items
Home insurance may cover the basics; however, your agent will explain what is not covered. It is a good idea to have the replacement value of the home as the amount insured and update this amount at least on an annual basis or if any significant changes have been made to the home.
The contents of the home need to be considered, especially if there are valuable items such as jewelry or fine artwork. Usually, expensive items can be insured more effectively with a separate insurance policy.
It is also important to consider any personal liability risks. This can come up in unexpected ways. For example, if someone is on your property and is bitten by a snake, even though the homeowner had nothing to do with this, they may have liability for it happening. If you have a swimming pool it needs to be protected from unauthorized access. If a child gets in the pool and then drowns, the homeowner can be held responsible.
Dust storms, snake bites, and swimming pools are just a few of the special risks found in the southwest. Be sure to contact your agent at INW Insurance Group, serving Mesa AZ and the surrounding area, for an insurance review and a quote.
If you own any property, be it big or small, then you need to purchase rental insurance. Rental insurance is a form of insurance that helps to cover belongings from damage or theft. For people who may be short on cash, rental insurance can be purchased for a very low amount. Called content or home insurance, they offer liability coverage in the event that someone gets injured in your apartment.
In the unfortunate event that your house is destroyed by fire or storm, renters insurance will be responsible for paying for the loss of the apartment. The insurance also covers for when you are out on vacation. These are some of the most popular reasons for purchasing rental insurance with INW Insurance group. INW Insurance Group is a reputable insurance company that services the Mesa AZ. Below are some of the services that are offered by INW Insurance Group in Mesa, AZ:
1. It covers for theft:
In the event that something of immense value gets stolen or damaged, e.g. laptop which is used for work. Although the data in the laptop are irreplaceable, the insurance will offer a payout, which is usually a replacement value for the laptop of whatever property that is stolen.
2. It covers for fire incident:
In the event of a fire which leaves you homeless with little or no property, renters insurance can cover for your loss as well as finance whatever place you can stay while repair work is ongoing.
3. It covers for other insurance:
Renters insurance helps to cover insurance gaps left by other insurance policies. A good example is when your laptop gets stolen from your car through a broken window. Your auto insurance will cover the broken window, but won’t cover for any property left inside the car. Renters insurance, on the other hand, can help to replace your lost laptop.
4. Personal injury:
In the event that you have a neighbor or friend come by the house and who accidentally slips and gets hurt. Renters insurance will cover your liability for the injury.
Are you certain about what would happen if you lost your ring, a diamond fell out of your jewelry, or if it was stolen. Many people see the large amount of coverage listed under “Personal Property” and assume they have enough coverage. Specialty items such as Jewelry, Memorabilia, Collectibles, Sports Equipment, and Musical Instruments have stringent limits on a standard policy. Review your policy and talk with your professional insurance agent (not the kid answering the phone at a mail order or electronic insurance company). Your professional insurance agent will guide you through the coverage provided by your specific insurance policy and what may be needed to properly cover your valuable items. Policies will be very limited to the amount of coverage provided, they type of loss covered, and your deductible will apply. The advantage to Scheduled Personal Property or an Endorsement, that that Comprehensive Perils or All Risk coverage will apply, as well as a zero deductible. If you have a wedding ring stolen for example, many policies will limit theft coverage to $1500. If you have a $1000 deductible, you would receive a settlement of $500. What if that ring is valued at $5000 or $10,000? You would be devastated. The same applies to collectibles, antiques, sporting equipment, musical equipment.
Jewelry and Guns, are the top items covered and are the most expensive items to insure, however are still very affordable for the sense of security you are provided in the event of nearly any type of loss. They can average $8 to $10 per year per thousand dollars of coverage. Musical instruments and sporting equipment are next on the list and are much less to insure. I for example insure my golf clubs I pay less than $10 a year for the security of 100% coverage.
To protect yourself and satisfy the requirements of some insurance carriers, get a current appraisal on items valued over $5000 and keep purchase information for lower value items. Insurance carriers will have various requirements for the limit at which they require an appraisal. Most are around $10,000, however having this information at home and your insurance agent’s office can prove helpful. The last thing you want to worry about at the time of a loss is finding paperwork or trying to prove the value of what you had.
Here are some important things to discuss with your agent regarding the coverage of your valuable items.
- Is there a deductible?
- Is an appraisal required prior to obtaining insurance?
- Are the items covered no matter where they take place? Would the policy cover you for a loss that occurs during domestic or international travel?
- Are items covered for full replacement cost? Must you replace the item, or can you obtain a cash settlement?
- Does the policy cover repairs to damaged jewelry?
Please feel free to add to the discussion, share your experience, or ask me a question. Thanks for reading.