Is your House in a Floodplain?

With that kind of equipment, she’d definitely want to consider replacement cost coverage, which pays for a new version of the item that was lost or damaged – there’s no accounting for depreciation. For example, what about the collection of signed prints you have? Let’s go back to your household contents. Obviously, in the case of electronics, which can depreciate in value rapidly over time, a replacement cost policy can be a big advantage. However, this isn’t the only scenario that calls for this option. There are other types of items to consider when making this decision.

Consider also raising your deductible — the minimum amount of money you can file a claim for — and balancing that higher deductible against a lower premium. If you’re on a government plan, look for a private insurance carrier as they will often be cheaper and provide more options. Above all, it’s important to know when to use your insurance. Insurance companies will often raise your premium or consider dropping you from the policy if you make too many claims. Some insurance companies also give discounts (up to 10 percent in some cases) to people who are retired, with the belief that retired people have more time to maintain their homes.

Similarly, residents in seven Atlantic and Gulf states may be eligible for the Beach and Windstorm Plan. This program provides residents in some areas with coverage against hurricanes and other storms. If you are having difficulty obtaining insurance, you can contact the Institute for Business & Home Safety, a nonprofit agency that advises businesses and individuals on how to minimize property losses from natural disasters and other events. While they don’t work directly on behalf of consumers’ in obtaining insurance – understanding – , the expertise IBHS provides can help to improve the condition and safety of your home, which in turn can boost your chances of finding an insurer. Check out their Maintenance Matters section for suggestions on projects that will keep your home safe and prevent headaches in the future.

Here’s where you’ll really want to consider the contents of your home. You have a television that’s almost as old as you are and you wouldn’t miss it if it were gone. Let’s say, while you’re not a complete luddite, by comparison to most current homeowners, the amount of electronic gadgets in your home is pretty small. You also have an inexpensive stereo and the computer you use is an old loaner laptop from work.