Do I want to settle claims based on actual cash value or replacement cost?
With most insurers, youll get the actual cash value for personal possessions, which accounts for depreciation. However, some insurers have policies that pay replacement cost for personal items, regardless of depreciation, which means you can replace your possessions at todays cost. Keep these questions in mind when evaluating policies and features to make sure you buy appropriate coverage for your new family. If you haven’t already, you should immediately take time to create a personal property inventory. If you suffer a loss, youd want a list of all your possessions handy to make the claim process easier and make sure you dont forget to make a claim for any of them. I recommend completing a personal property inventory and leaving it at a safe place outside the homewith a friend or in a safety deposit box. In the case of a fire or a disaster, youd want to have a copy safely stored outside your home. Erin Plaziak is a director of product development at MetLife Auto & Home. Plaziak has m
