There’s nothing like the excitement of purchasing your first home. Part of homeownership is protecting your property. Home insurance from Options Insurance Agency offers coverage for both your Hershey, PA home and belongings to protect what’s important to you. Here’s what you should know about personal property coverage.

Understanding Personal Property Coverage

Personal property coverage protects your belongings. This includes your clothes, jewelry, furniture, appliances, electronics, artwork, gym equipment, and other personal items. Most policies cover perils like fire, theft, vandalism, storm damage, tornadoes, and other disasters. If these goods are damaged or lost in a covered peril, your property coverage will compensate you financially for your loss.

Actual Cash Value vs Replacement Cost Coverage

As a homeowner, you have a choice as to what kind of coverage to buy for your belongings. If you choose actual cash value coverage, you will be reimbursed for the cost of damaged goods after taking off for depreciation. Replacement cost coverage is a bit more expensive. However, it covers the cost of replacing your goods at current market value, without taking off for depreciation. If your goods are pricey, you may prefer replacement cost coverage to save you money on replacing lost or damaged items.

Protection of Posh Items

Standard home policies have limits on personal property coverage. These limits may be insufficient to fully protect posh items. If you own costly jewelry, original artwork, or other expensive goods, you may need extra insurance on top of your property coverage to fully protect these items. We recommend you get an appraisal for posh goods and purchase an endorsement to cover the cost of these valuables.

To learn more about personal property coverage or to purchase this coverage for your valuables, contact Options Insurance Agency. We serve residents in Hershey, PA, and surrounding communities.