Resources

Why Do I Need Commercial Auto Insurance?

A car can go zooming down the road at speeds of up to 70 miles per hour, lawfully, and can go over 100 miles per hour, considered to be reckless driving. On the other hand, a house stays constantly fixed in one location day and has a statistically far less chance of experiencing any damage or loss to belongings in the home.

The premium that you are paying is simply based on the risks of accidental damage that your policy covers. Homeowners insurance may assess the location of the house for crime rates or possible weather damage, not including natural water damages.

Keep it simple

Don’t attack the whole place at once. Deal with one room at a time, or inventory your goods by category, age, or price. The process can be consuming and tiring, so set a pace that works for you and isn’t overwhelming. Take the inventory seriously and make it as complete as possible.

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Some policies limit coverage

For instance, some policies limit coverage for off-property losses to 10% of your total insurance policy. In other words, if you currently have $75,000 in personal property coverage under your homeowners policy, your stuff stored off-premises may be capped at $7,500.
Also, don’t expect your homeowners insurance or renters insurance to cover your stored items for loss due to flooding, mold, mildew, earthquakes, rodent or insect damage or negligent maintenance. Additional coverage would be required and may not be available.