Insurance Coverage

We hope for the best, but life offers no guarantees. In addition to being incredibly distressing, losing your home and its contents can also be financially devastating.

There are two different ways to insure your personal property:

• Actual cash value: This coverage is an amount equal to the replacement value of damaged property minus depreciation and the applicable deductible. Unless a policy specifies that property will be covered for its replacement value, the coverage is for actual cash value.
  

Typically, your home insurance covers a wide range of calamities, including fire, tornadoes, windstorms, lightning, hail, explosions, smoke, theft and vandalism. However, there are some limits on the amount of insurance you have. Be sure to review your coverage and address any coverage concerns with your agent.

For most people, purchasing a house represents the single largest investment of their lifetime, and it's often your biggest asset. Insuring your home protects this investment and protects the equity you have worked hard to acquire. But the bottom line is, it's your home. It's where you live and you need to protect it.

• Your lending agent may require it. When you buy a home, you may need to show a copy of your policy at the time of closing. And if you are building a new home, you will probably be required to have special coverage while your house is under construction.
  

You should contact your agent about reviewing your coverage whenever you change something significant about your home or its contents, such as:

• When you make an addition to your home.
• When you make any major purchase: jewelry, electronics, farm equipment, a boat or other recreational vehicles.
• To help guard against inflation.

When you purchase an amount of insurance for your personal property, there is limited coverage for jewelry. Coverage's are limited to those provided by the policy and a special limit will apply to the peril of theft. You may need to schedule certain valuable items to secure adequate protection. Your agent can help you determine if additional coverage is needed.

RVOS provides limited coverage for your valuables (antiques, jewelry, furs, paintings, business personal property, collectibles, etc.) You may need to increase the special limits to be covered adequately. Your agent can help you determine if additional coverage is needed.