No matter where you live, there are always property damage risks. From theft to natural disasters, your home is vulnerable, and property damage can ease the burden with coverage for your home and belongings. Typically including policies such as flood insurance, home insurance, earthquake insurance, etc., property insurance provides reimbursement and/or replacement costs in the event of an unexpected peril.
When it comes down to it, everyone should have property insurance coverage, but not all types of property insurance are the same! Here are three distinct types of property insurance coverage:
- Cash Value – Actual cash value coverage provides you with the real, current cash value of your property/belongings. This means that older items will be valued lower than their original cost.
- Replacement Cost – Replacement costs refer to the expenses associated with replacing lost items/property/belongings–not their original cash value.
- Extended Replacement Costs – This form of property insurance coverage offers more than the cost limits if construction prices have increased. Keep in mind that typically insurance companies won’t exceed 25% of the limit.
At Brownlee Agency Insurance Solutions, we have experience providing property insurance to Albany, GA, Valdosta, Moultrie, GA, Tifton, Sylvester, GA, and the surrounding areas dating back to 1974. With a reputation for unparalleled customer service and affordable, personalized insurance solutions, we work with you and your budget to help you find the property insurance that keeps you and your belongings protected from a range of potential perils. Understanding that our client’s coverage needs differ, our agents lend their expertise to help you make the right decisions about the right coverage for your lifestyle.
From property insurance for floods, water damages, earthquakes, homes, and more, we’re here to help you safeguard your investments, whatever they may be. Contact us today to chat with an independent agent about your property insurance needs!