Call Us (504) 556-0809 ☰ ˟
Logo
Español
New Orleans: (504) 556-0809 River Parish: (985) 331-9077
  • Home
  • Coverage
    • Automobile
    • BOP (Business Owners Policy)
    • Business & Commercial
    • Commercial Auto
    • Contractors
    • Cyber Liability
    • Dental
    • Flood
    • General Liability
    • Health
    • Homeowners
    • Life
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • Watercraft & Boat
    • Windstorm
    • Workers Compensation
  • Get A Quote
    • Automobile
    • Business
    • Flood
    • Health
    • Homeowners
    • Life
    • Recreational Vehicle
    • Renters
    • Windstorm
  • Customer Service
  • Blog
  • Make A Payment
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
    • Homeowners Insurance in Louisiana: How to Save on Soaring Costs
  • About Us
    • About Dave Millet Insurance Agency
    • Our Locations
    • Employee Directory
    • Partners
    • Customer Testimonials
    • Privacy Policy
  • Contact

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More

Home

We browse through a wide variety of coverages and find the right one for you.

Learn More

Business

We browse through a wide variety of coverages and find the right one for you.

Learn More

Contractors

We browse through a wide variety of coverages and find the right one for you.

Learn More

Life

We browse through a wide variety of coverages and find the right one for you.

Learn More

Health

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > Does Home Insurance Replace The Full Cost Of Your Belongings?
MONDAY, JANUARY 20, 2020

Does Home Insurance Replace The Full Cost Of Your Belongings?

Modern Living Room In Home

If the belongings in your home are damaged or destroyed by a covered event, your insurance company will cover them up to the limits of your personal property coverage. Exactly how much you receive will depend on the options you chose when you purchased your home insurance policy.

Repair Cost

Your home insurance company may pay to repair your belongings when it's cheaper to repair them than it is to replace them. This only applies to covered disasters, and not to any repairs. For example, if your air conditioner breaks down, your home insurance policy generally won't cover it unless you also purchased a home warranty. But, if a tree falls on your air conditioner during a storm, your home insurance will likely cover the repair.

Full Replacement Cost

Full replacement cost is one of two options to replace your belongings. With this option, you can go to the store and buy brand-new items to replace what you lost.

This option is more expensive. But it gives you better peace of mind, because you don't need to worry about having enough savings to cover what your insurance doesn't pay.

Current Replacement Value

Current replacement value gives you what your item was worth at the time it was destroyed, rather than what it costs in the store today. For example, if you had a nine-year-old appliance with an expected lifespan of 10 years, the replacement value would be about 10 percent of the new price — as you used 90 percent of its life. You can either find a used item of the same value or buy new and cover the difference on your own.

Exactly how your insurance company calculates the current value of your items is spelled out in your policy. It may be based on the expected life or on what similar used items are currently selling for.

Expensive Items

Certain items — including electronics, jewelry, cash, and antiques — may have separate terms and coverage limits than your general property coverage. Read your home insurance policy carefully to see what coverage you have for these types of items.

Get A Quote

Posted 10:00 AM

Tags: home insurance, dave millet insurance, dave millet insurance agency
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2015
  • 2014

  • home insurance(22)
  • dave millet insurance agency(17)
  • insurance(15)
  • louisiana(10)
  • contractors insurance(10)
  • metairie(9)
  • business insurance(8)
  • workers compensation insurance(6)
  • homeowners insurance(5)
  • commercial insurance(4)
  • general liability insurance(4)
  • dave millet insurance(3)
  • commercial auto insurance(3)
  • laplace(2)
  • boat insurance(2)
  • renters insurance(2)
  • auto insurance(2)
  • homeowners(2)
  • auto(2)
  • new orleans(2)
  • home(1)
  • short term disability(1)
  • metarie(1)
  • pests(1)
  • holiday(1)
  • car maintenance(1)
  • office safety(1)
  • vehicles(1)
  • laplace la insurance(1)
  • general liability(1)
  • maintenance(1)
  • fire safety equipment(1)
  • disability insurance(1)
  • tires(1)
  • tenant insurance(1)
  • employee(1)
  • car insurance(1)
  • coolant(1)
  • rv insurance(1)
  • long term disability(1)
  • windstorm(1)
  • bad weather(1)
  • business owners(1)
  • builders(1)
  • motorcycle insurance(1)
  • commercial(1)
  • disaster preparedness(1)
  • houma(1)
  • home inventory(1)
  • la(1)

View Mobile Version

Contact Us Today!
New Orleans

(504) 556-0809


River Parish

(985) 331-9077

Contact Us
Facebook Twitter LinkedIn Google Maps

Resources

  • Products
  • Customer Service
  • Payment Options
  • Report a Claim
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

New Orleans: 2305 Veterans Memorial Blvd, Suite F | Metairie, LA 70002
River Parish: 13385 Highway 90 | Boutte, LA 70039
P: (504) 556-0809 | P: (985) 331-9077 | F: (985) 331-9844
© Copyright 2021. All rights reserved. | Powered by Insurance Website Builder