Having the right homeowners or renters insurance is essential for people of any age. Research has shown that a large percentage of Millennials don\u2019t have adequate insurance coverage for valuables. Here are some important things that Millennials (as well as older adults) need to know.<\/p>\n\n\n\n
Why You Might Need Additional Coverage for Valuables<\/strong><\/p>\n\n\n\n A standard homeowners or renters insurance<\/a> policy covers personal property, such as furniture, clothing, and electronics, but only up to a specified dollar amount. If your belongings get damaged or destroyed and your coverage limit isn\u2019t high enough to cover the cost of repairs or replacement, you\u2019ll have to pay the difference yourself. <\/p>\n\n\n\n An insurance policy might have limits for specific categories, such as antiques, artwork, and jewelry. Those limits might not be high enough to suit your needs. If, for example, you have jewelry worth more than the policy\u2019s limit for that type of property, you can purchase a personal property endorsement that provides additional coverage for specific items, in exchange for higher premiums.<\/p>\n\n\n\n How to Figure out How Much Coverage You Need<\/strong><\/p>\n\n\n\n You might not realize how much your belongings are worth unless you go through your home, check receipts, and do the math. If you do, you might discover that you\u2019re underinsured and that you need to raise your coverage limits. <\/p>\n\n\n\n You might have to get valuables, such as artwork, antiques, jewelry, and family heirlooms, appraised to figure out how much insurance coverage you need. The amount that an item is worth can change over time, so it\u2019s a good idea to periodically get your valuables reappraised and make sure that you still have adequate coverage. <\/p>\n\n\n\n Why You Should Create a Home Inventory<\/strong><\/p>\n\n\n\n If you need to file an insurance claim, you\u2019ll have to prove that you owned items that were damaged or destroyed before your insurer will compensate you for a loss. That\u2019s why you should create a home inventory with information on all your belongings, including serial numbers, dates when they were purchased, and receipts, and keep it in a safe place where you\u2019ll be able to access it if you need to submit a claim. <\/p>\n\n\n\n How to Get Help with Homeowners or Renters Insurance<\/strong><\/p>\n\n\n\n If you aren\u2019t sure if you have the right insurance coverage for valuables, start by reviewing your homeowners or renters insurance policy. If you don\u2019t currently have insurance, or if you want to expand your coverage or shop around for the best rates, Petruzelo Insurance can help. We can discuss your needs, gather quotes from several insurers, and help you select the policy that\u2019s right for you. Contact us<\/a> today to learn more.<\/p>\n","protected":false},"excerpt":{"rendered":" Having the right homeowners or renters insurance is essential for people of any age. Research has shown that a large percentage of Millennials don\u2019t have adequate insurance coverage for valuables. Here are some important things that Millennials (as well as older adults) need to know. Why You Might Need Additional Coverage for Valuables A standard […]<\/p>\n","protected":false},"author":1,"featured_media":3500,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-3499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance"],"_links":{"self":[{"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/posts\/3499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/comments?post=3499"}],"version-history":[{"count":1,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/posts\/3499\/revisions"}],"predecessor-version":[{"id":3501,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/posts\/3499\/revisions\/3501"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/media\/3500"}],"wp:attachment":[{"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/media?parent=3499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/categories?post=3499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.petruzelo.com\/blog\/wp-json\/wp\/v2\/tags?post=3499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}