Personal Property Insurance
Personal Property Insurance
Millsaps & Associates, Inc.
Losses from accidents resulting in injury and property damage can be significant. Are you protected against the loss of your valuable assets such as your home, contents, and other structures? What about the loss of use while it is being repaired or loss of rental value?
Many folks have purchased homeowners insurance without even the slightest trace of education from the person who sold it to them. Do you know what is covered and for how much?
Most homeowner's policies come with a value for the dwelling and then 3 other values are a percentage of the dwelling value. For example, if the home is valued at $200,000, the Coverage B - Other Structures, would be valued at $20,000. You can raise the value of Other Structures. If you have a work shop, is that amount enough to rebuild. Coverage C or Personal Property is coverage for 50% of the Dwelling's insured value but is not automatically covered for Replacement Cost. Loss of Use or Coverage D is generally 30% of the dwelling's insured value and also can be increased.
Many subjects need to be discussed with your insurance professional such as are you conducting business out of the other structure? If so, it may not be covered for any peril or damage due to an exclusion in your policy. How about Sewer back up or overflow? That should be endorsed to be covered.
Did you know theft of guns, jewelry and other items may only be covered for $1500 or $2500? You can endorse the policy for higher coverage, but endorsements are not 'automatic'.
Our specialists can help you avoid any surprises by assessing the fit and function of your current home owners policy.
Dwelling & Landlords Insurance
Do you have a house you do not live in? Maybe you acquired a dwelling from a deceased relative and now you want to rent it out or you may have relocated and have been unable to sell your former home?
Well, this may be the time to inquire about dwelling and landlords insurance. If you do not rent it out, then a vacant property dwelling policy is for you. But, if you rent it out to someone, not only do you need liability coverage, you also want to make sure you have the proper coverage for your house.
There are some real pitfalls in this area so be sure to ask us about this coverage to make sure you are adequately protected.
Renters & Condominium Insurance
If you are renting an apartment or a house, you probably know someone else’s property is not your responsibility. But, are you aware your contents are not their responsibility? You can cover your contents with a Contents only or Renters Policy that is extremely affordable. Also, this policy comes with liability coverage in case you damage the landlord’s property or the property of a guest. This is something that should be reviewed annually, so talk to us.
Often you are required to carry condo insurance for your unit and the contents inside. This also covers some of the value of the condo which do not include your contents that are within the walls of your unit. Check with us for the full explanation.
It often does not take an engineer to figure out you need flood insurance if you overlook the Gulf of Mexico. But did you know that 85% of all flood claims occur in non-special flood hazard zones, such as near a body of water? Any flood claims representative will tell you that if their claimants had it to do over again, they would either buy flood insurance or buy more flood insurance.
This type of insurance is one of the most difficult insurances to write because you must take into consideration the elevation of the building, the type of construction, number of floors, whether it is elevated on piers, and when it was constructed or substantially renovated. One important thing to know is if you are purchasing a home and have to have a survey, pay the nominal additional amount and get the surveyor to add an elevation certificate. This could substantially save you some money on the flood policy later.
Wind Only Coverage
One option for our property clients is to insure only wind or insure wind with one company and wind excluded coverage with another company. This is not always the best option but is a viable option in some situations. We will investigate thoroughly to get you the information you need to make the right decision.
Personal Articles Coverage
As mentioned previously, some contents are not covered for their full value if destroyed or lost by some perils. For instance, stolen jewelry is limited to only $1,500. By adding an endorsement called Valuable Articles Coverage or Scheduled Personal Property, you can cover those valuable items for the value they deserve. Scheduled property coverage often increases the perils covered to include all direct causes of loss like mysterious disappearance. This also applies to guns, cameras, musical instruments, and valuable articles such as collections or antiques or works of art. Some of these would not qualify for replacement cost endorsement if added. If you have collected something over a period of time, make sure they are properly valued and covered by talking to us first.
Liability Insurance Discounts
There are many discounts you may not be taking advantage of within your overall policy coverage. Let Millsaps & Associates, Inc. help you evaluate your policies to find opportunities to reduce your insurance expense.
- Fortified Construction & Roof Certification
- Multi-Line Discount
- Claims Free Discount
- Companion Life Policy Discount
Millsaps & Associates, Inc.
Insurance Agents and Allies
Do you need personal liability, automobile, or home owners insurance to protect your home, your personal assets and your family?
Do your current polices need re-evaluation? Find the right insurance policies to protect you and your personal assets, and experience courteous, respectful and resourceful customer service at Millsaps & Associates, Inc.
Get the policy you need.
Earning your trust and confidence
is our formula for success
Frank Millsaps CIC, CISR, CGA
President, Millsaps & Associates, Inc.