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When many people value their property for homeowners or renter’s insurance policies they have a tendency to underestimate just what it would cost them, should an event take place where your property or belongings are destroyed, damaged or stolen, to repurchase everything currently owned.
Not only do you need to take into account for bigger ticket items like electronics (TVs, Surround Sound Systems, Gaming Systems, Stereos, Computers, Smart Phones and more) Furniture and Appliances, smaller items also quickly add up – Dishes and cookware, silverware, linens, clothing, decorations, and other household items. It is important to count all of it and make sure that your coverage matches a realistic value or you could be left to get back on your feet simply out of pocket which can, especially in times of emergency, put a huge strain on your bank account.
Things to consider: Take a moment to take inventory of your home. Grab a notepad and jot down what it would cost for you to go to the store and buy everything in your home.
Your policy will dictate what coverage you have. It is important to work with a professional agent who can explain coverages and make sure to write the policy that truly fits your life.
Replacement Cost is defined as the value. It is the amount you would have to pay in order to repair or replace an item. Items would be replaced with one of a similar kind as the original, not an upgrade or downgrade. Depreciation is not factored in.
Actual cash value (also known as market value) is standard. ACV replaces belongings and property for the cash market value which deducts depreciation over time.
In contrast adding Guaranteed replacement cost coverage on your policy – Guaranteed in this context means that even if the damage exceeds the limits on the policy the insurance company is still going to replace or rebuild the property without depreciation subtracted from the value.
To speak with a Centennial Insurance Services Agent who can help you work together to determine what type of policy and inclusions are right for you. Please call at 239-247-5125. Our agents are here to help. www.cisinsfl.com.
I have found Chris to be extremely knowledgeable on Community Association insurance requirements and he has successfully presented proposals that provided better coverage and lower premium than the incumbent agency. His active involvement in assessing the Insurance needs of Communities managed by this firm has been an asset for both Moore Property Management and the purchasers of the insurance.
Chris Boston is our agent at Centennial. He does excellent work and always strives to save our association money. He always responds to emails. I highly recommend Chris and Centennial.
Chris Boston is Your Agent! I own a small condo development on Manasota Key and had been with the local insurance company for 14 years. This is my second year with Chris. He works very hard to get the best and lowest cost policies and is always responsive. I have saved substantially because he took the time to get to know the property and cost savings that were available. It’s all about customer service!
Its nice to have your expectations in a business not only met but exceeded! Centennial Insurance provided us with professional, friendly & effective service.