What is the value of my personal belongings?
Homeowners insurance companies often work with a formula to give you blanket coverage. This is usually a percentage of the value of the structure that they estimate your personal property will be worth. If the number they develop is not enough or if you’re a renter (in which case the value of your dwelling would have no bearing on the value of your property), ask for a quote based on your estimated figure. Keep in mind that a standard policy covers the fair market value of your belongings, i.e. the price you paid for each item less depreciation for wear and tear. You can insure for the replacement value but this is more expensive, particularly if the agreed sum is linked to inflation.
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