How Does Personal Property Protection Under Home Insurance Work in Grand Ledge?

Personal property protection in Grand Ledge, MI refers to the contents of your home. From the furniture to the electronics to the jewelry, the things that you own can represent a significant percentage in terms of your assets. So what happens if they’re stolen, vandalized, or destroyed under your home insurance policy? Bye Financial Group LLC wants you to understand the specifics of protection and how you can ensure you’re taking the proper precautions. 

Requirements and Rationale 

It may come as a surprise to learn that home insurance is not always required. If your home is financed or you live in an HOA, you are likely required to have it, but if you own it outright, you don’t necessarily need to have it. Because an HOA or a lender is primarily concerned with the structure and the grounds, they don’t usually require you to have property protection either. This means that you’ll need to consult with your policy to see how your carrier will respond to a personal property claim. 

What You Should Know 

If you do want personal property protection under your plan, you should find out more about how everything is reimbursed. If you file a claim for a 10-year old TV, how will the carrier calculate depreciation? If you spent 5 years restoring an old coffee table, will your insurance company take this into account when calculating the value? What are the limits on your property and do they match the value of your possessions?

If you need help answering your questions in Grand Ledge, MI, Bye Financial Group LLC can be of service. We can help you answer questions about your policy and whether it’s the right one for you. Talk to us today to learn more.