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| Understanding your Homeowners Insurance
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Homeowners insurance and renters insurance cover replacement costs for many different types of possessions. An insurance policy is a legal binding contract between the insurance company and the policyholder that is written by attorneys, and the contractual language they use is not easy for most people to understand. Nonetheless, if you own valuable possessions such as jewelry or artwork and you are paying for insurance to cover them, you should know what you are paying for and what you may not be entitled to receive.
The policy should state which kinds of items are covered. If the language is not clear or if the policy does not specifically refer to an important type of possession, you may assume the item is not covered. You should also read the exclusions carefully. A reimbursement problem can arise if theft occurs when there is no evidence of what was stolen, or if its value cannot be proven with a sales receipt. The most difficult possessions to place a monetary value on are antiques and family heirlooms, which are not replaceable.
In order to establish the monetary worth of valuable possessions for which there is no sales receipt, you need an appraiser’s report. An appraiser will examine your valuables, photograph them, and provide you with an itemized report containing a photograph of each item and an estimated value. Optional add-on coverage is available at an extra cost to provide expanded protection for special property, and most insurance companies will accept a professional appraiser’s report as a document produced by an independent expert.
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Posted by gmcgowan on 2007-12-06 10:41:23 | Rating: | Views: 26
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