Personal Property With Replacement Cost In Allegheny
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FAQ
It will insure your personal belongings against loss, accidental damage or theft when you step out the front door and is a valuable addition to your policy for things like: Mobile phones. Watches. Jewellery. Laptops.
Personal belongings add on provides you coverage against such belongings kept in your car. While theft of a car is covered, theft of the items kept in the car is not. Personal belongings might include items such as laptop, smartphone, camera, musical instruments, etc.
By contrast, agreed value is when, at the start of the policy, a vehicle's value is declared to and agreed with the insurer. It then becomes fixed for the policy period – 12 months in most cases. This will be the amount payable if the vehicle is destroyed in an accident, a fire or is stolen and not recovered.
Insurance companies calculate “depreciation” by figuring out how old what was lost or damaged is, then reducing its value by a determined percentage for each year we had the lost or damaged item.