Your home in Myrtle Beach, SC is doubtless covered by a homeowners policy, but you may be unsure what the exclusions and limitations are. At Benefit Insurance Services, we try to make sure our clients understand that the policy is really a contract, and the coverage should be explained in black and white.
It may be confusing, though, figuring out how your particular assets fit into the grand scheme of things. You have a policy limit, deductibles, and exclusions, and your policy may have slightly different details than you remember.
Possessions vs the Dwelling Itself
Your policy probably spells out how much of the physical building is covered, based on an earlier assessment. It will also detail how much of your possessions are covered, and the policy may consider one as a percentage of the total. For instance, if your limit is $100,000, 75% percent of that might be for your belongings.
Depreciation vs Replacement Cost
Not only that but your policy probably only covers the amount your valuables are worth after considering depreciation. If you want to insure your valuables for their actual replacement cost, you will need to negotiate that as part of your contract.
Coverage on specific items, like jewelry, may be limited by your policy to a set amount, such as $1,000. If you want to insure specific items, you can insure them based on their actual value.
Even though you feel safe knowing that your home in Myrtle Beach, SC is protected, you may not have the coverage you need for specific valuables. If you have something particularly valuable, like a painting or jewelry, your policy probably only partially insures it. If you have any questions or would like to go over your policy with someone, call Benefit Insurance Services today and we can help make sure you get the coverage you need.