Structural and Personal Belongings coverages are available on an actual cash value (ACV) basis or at full replacement cost.
ACV coverage considers the current market value of an item based on its age and condition. So, if you purchased a television for $400 four years ago, the value today would be significantly less than it was when you purchased it. ACV coverage would depreciate the item's value to determine the current value. Full replacement cost considers the current cost to replace an item, and is typically the best option. Your responsibilities. Make an inventory of your home and personal belongings. If possible, make a list as well as take photos or video - using two inventory methods can help expedite the claim resolution process. Keep this list somewhere other than your home. Keep in mind that your home insurance policy doesn't cover damages caused by poor or deferred maintenance on your part.
Condo Insurance Coverage Options
Condominium insurance covers personal property, liability and parts of the unit that are your responsibility. It may also protect you from certain assessments levied by the condo association. You’re also covered for costs you incur over normal living expenses if you have to vacate your condominium.
Renters Insurance Will Cover
Living expenses coverage is usually limited to either aspecific period of time, or what the renters insurance company considers a “reasonable length of time.”
To prevent abuse, there is a cap on the amount of additional living expenses the insurer will pay, usually apercentage of the total renters insurance liability limits.
Flood Insurance is offered through the National Flood Insurance Program. Although the government actually provides the coverage, Roeding Insurance issues the flood insurance policy through one of our participating companies, and in the event of flood damage, would also service your claim.
Umbrella Insurance Policies Typically Cover
Umbrella insurance kicks in once the limits of your base policy (home insurance or auto insurance) are exhausted.
Your umbrella pays for any overages (covered by your insurance policy), up to the umbrella insurance policy limits.
Umbrella Insurance Policies Don’t Usually Cover
A homeowners policy isn’t designed to protect a vacant home. If an insurance carrier finds out you’re insuring an unoccupied home with a homeowners policy, you may end up with a reduction in your coverage, or even a denied claim. There are reasons why a homeowners policy isn’t designed to protect a vacant home. We have carriers who specialize in insuring vacant properties, and can provide you with vacant home insurance at competitive rates, some with term options of 3, 6, or 12 months.
