OCR Text |
Show Is Your Personal Property Insurance Policy Adequate? Many hones recently have been destroyed by natural disasters such as fires, storms and floods, hurricanes. policyholder has exhausted the limits of his property coverage, says one insurance spokesman. Most homeowners policies Many did not have enough insurance to offset their losses. are written so that coverage is about half of the coverage amount on the building. If the home .is insured for $50,000, personal property is often only covered up to one For example, California home valued at had only $54,000 $108,000 coverage on furniture, appliances, clothing and on other items. $25,000. may be more than adequate if a burglar breaks in and takes only a few items or if a fire demolishes only a few possessions. But what if a windstorm or fire destroyed everything in the This But loss to property for this owner totalled $77,000 from fire damage. The family had to pay $23,000 of their own to replace lost property in the disaster. particular property home? How personal ex- Most homeowners do not have adequate coverage on personal property-althou- gh coverage on the home itself may be sufficent. In 75 to 80 great percent losses, of such the What should you do if you suddenly realize you have too little coverage for your personal property? Some suggestions would be to: the limit of your on personal The usual charge This special coverage, known as a floater, varies widely in cost depending on what you insure and where you live. With a floater, you k would have coverage on valuables, protecting against loss from those perils, except all-ris- specifically excluded. Special coverage may be best if valuables account for The Richfield Reaper Rooster Valley hopper The Salina Sun Gunnison Valley News Thursday Home Buyers & Fix-UMarch 19, 1981 Guide 5 p a major portion of your total personal property. Check out replacement cost on coverage personal property, made availabe by some companies. If you do not have such coverage, property losses will be paid for on an actual cash cost of value basis-t- he replacing the items minus the depreciation that has occured since they were ADVICE ON CHOOSING REPLACEMENT WINDOWS Replacement windows which save energy and reduce nance are described in two new ' booklets from the Aluminum Window Information Bureau. The booklets illustrate various styles of replacement windows and explain how they save fuel year round, add value to a new. home and reduce maintenance eliminating the need for fre- by You will more than likely be quent painting. mainte-person- required to buy a higher limit on replacement cost coverage (70 percent of the amount on your home is typical) because insuring your property on this basis increases the dollar total of coverage needed. Of course, your premium also will be higher. Because we offer life, health, home and car insurance, we get to know our policyholders and their needs. DIFFERENCE . . . Send for booklet For free copies of the booklets entitled Aluminum Winand dows for Every Home "Thermalized Aluminum Windows for Every Home, write to the Aluminum Window Information Bureau, Dept RW-250 West 57th St., New York. 9, NY 10019. Alan Olsen E. Center Gunnison, Utah 85 528-723- 0 Big Difference in Carpet and Upholstery Cleaning. V. c The Do It Yourself Jobs, The Rentals, The Amateur, Can Not Give You the Results of an Experienced Getting to know a family makes it easier for us to give practical advice on the right kind of coverage and Professional Cleaner! CALL: Hansens Statewide coverage amount. We can do the same for you. Call one of us today. Carpet & Upholstery Cleaners Like a good neighbor, 20 Yrs. Full-Tim- - All work R. L. Nebeker South Main Richfield, Utah 89 896-642- 4 State Farm is there. Experience e guaranteed -8- STATI FARM 96-6209 STATE FARM Steam Conventional Rotary Dry Insurance Companies INSURANCf al ' rr THERE IS A A ac- After you have completed your inventory, keep it in a safe place away from home. A bank safety deposit box would be a good spot. And keep an extra copy for your insurance agents files. Keep it up to date. Raise coverage is adequate? Here are several ways: Make a detailed, inventory of your home, checking every room. Take note, if possible, how much was paid for each item and when it was acquired. Not only check major apsuch as the pliances refrigerator, TV set, stereo or washer and dryer, but also small items. Anything that has some monetary value. Be sure to take pictures. will cover Pictures everything. property valued at $200,000 had only $65,000 coverage on the items which included paintings, antiques, books and pieces of jewelry. These examples may seem treme, but they are not. appraised to insure an curate record. can you determine if coverage your personal property property. Another home hit by a fire that contained If you have valuable items, get them professionally is $1.80 to $2 extra per $1,000 coverage beyond the normal 50 percent amount. If $15,000 were added, the additional premium would be about $30. Or special purchase to protect coverage valuables, some of which are subject to specific limits under most homeowners policies. Thus, if a burglar takes $1,000 worth of your jewelry and furs, you collect only $500. Typical costs include: jewelry, $1.15 to $3.60 per $100 coverage; fine arts, 24 to 44 cents per $100. Home Offices: Bloomington, Illinois Larry J. Gleave 245 North Main Richfield, Utah 896-645- 5 |