Be Sure Your “Stuff” is Insured - Fairfax, VA

April 10, 2014      

Many expensive items we buy, vacations, and business trips we make are insurable. But is your stuff worth insuring? Is it actually insured? Sometimes people assume they have insurance coverage when they don't.

The worst time to find out you don’t have coverage is when something you need or value has been lost, stolen or damaged. That's why evaluating available insurance coverage options on your belongings is a good idea.

Here are some thoughts to keep in mind as you decide whether or not you should insure your stuff:

Take a look at your deductibles and coverage: Maybe you have homeowners insurance and assume that it will cover an expensive appliance. But many homeowners have deductibles that exceed the value of the appliance, so in effect, the appliance is unprotected. Maybe you rent and assume your landlord’s insurance will cover damage to your belongings. Chances are, your stuff isn't covered.

Look closely at replacement costs: Many consumers purchase items like smartphones and tablets through a carrier that subsidizes the actual cost. However, if your smartphone or tablet is lost, stolen or damaged and you don't have insurance on it, you may be required to pay the true purchase price to replace it, which can be considerably higher than the original price you paid.

Evaluate the true cost of self-insurance: Some people assume it's cheaper to just pay out of pocket to replace lost, stolen or damaged items rather than insuring them. That depends on the rate you pay and the cost of the item you're replacing. It's important to make an informed decision.

For more information on the right insurance coverage, contact TriState Business Insurance.

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