With the New Year here, it’s time to review your homeowners insurance. This will help make sure that you are protected no matter what 2022 brings. When reviewing your policy it’s important to understand what coverages offer the most benefits and protections. To help you out, here are some coverages that you may consider adding to your Northridge, CA home. Let’s get started!
Contents coverage or “contents insurance” is a type of insurance designed to protect the possessions in your home. This is great coverage for people who have a lot of possessions like furniture, electronics, or clothing. It is also an excellent coverage for people who run a business or work from home. This additional coverage protects against a number of named perils including theft, fire, and damages. So if any of your possessions are damaged or lost, you will have the resources to rebuild.
There is another type of coverage that can help protect your possessions. If you are someone with a collection of expensive items like fine art, jewelry, or furs, personal property extensions are a great option. These are designed to cover the individual items if they are lost or damaged from a peril. These coverages can be applied a la carte or as a broader coverage that protects all your items. It’s a great option to ensure that you can protect these valuable assets.
When buying insurance you will be offered the option between actual cash value (ACV) and the replacement cost value (RCV). When your home is damaged, for example, you need your roof repaired. ACV will provide the value of the roof at the time it was installed. While on the other hand, RCV will pay for the total cost of replacing your roof at today’s prices. This is the ideal coverage for people who don’t have a lot of liquidity to come up with a lump sum to make up the difference.
These three additional coverages are a good option to consider when renewing your homeowners insurance policy. If you’d like to learn more about additional coverages to add to your policy, contact us at Panorama Insurance. Since 1973, we’ve been protecting Northridge, CA homeowners with affordable, expansive insurance coverage. We’ll be happy to answer any questions you have and help you explore new options.