One of my new customers was in a lightning storm last year that damaged some of his electronics. The insurance company that he was with replaced those damaged items for pennies on the dollar! What a tragedy! How is he going to replace his computer, TV and other electronics with half of their value? He had been paying his insurance for years, never missing a payment nor filing any claims but his policy didn't have full-replacement cost on his personal property, what was the purpose of having the insurance to begin with?
I always give my customers full-replacement cost which replaces the items in their home with today's prices, today's market value not the items depreciated value. If they have a 15 year-old 27'' TV, they will get a new 27'' TV not one from the 90's. This coverage can add $30 to $150 per year to your insurance policy but it is (obviously) well worth it.
If you file a claim, your rates will more than likely increase at renewal... you might as well get your money's worth and get full replacement on you items if they are damaged due to a covered loss or stolen. Give me a call at 877.506.9466 ext 8481 and I will quote you with all of my partner companies in your area and let you see how affordable full-replacement cost can be for you!
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