Interesting Read for Renters that Insure Their Watches

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  1. #1
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    Interesting Read for Renters that Insure Their Watches

    It seems that a "Replacement policy" is much more favorable than an "Actual Cash Value policy"

    I just contacted my insurance agency, and I have a ACV policy
    Considering switching


    Source: RentersInsurance.net & PR Newswire

    CHICAGO, March 31 /PRNewswire/ --

    Renters insurance generally covers the replacement of belongings up to a specified amount, typically between $20,000 - $40,000. However, there are two types of replacement policies: replacement cost policies and actual cash value (ACV). ACV policies cover the cash value of the possessions at the time of the qualified event and replacement cost policies reimburse the policy holder for the full value of replacing the lost items.

    This is an important distinction. If a laptop was purchased three years ago for $2,000, but is worth $500 today, it would still cost more than $500 to replace. An ACV policy would only pay out the $500 value of the laptop as where the replacement cost policy would pay enough to buy a comparable laptop in today's market.

    Although coverage is generally affordable at $10 - $20 monthly, apartment and home renters should ask about buying cheap renters insurance coverage discounts. Combining health, auto and life with rental insurance can add savings up to 15%. Protective devices, such as alarms or sprinkler systems, can give an additional 15% in savings. Retired people 55 or older can save 10% - 25% depending on their type of home.
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  2. #2
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    Re: Interesting Read for Renters that Insure Their Watches

    I prefer to purchase a specific policy for my watches and pearls. My Rolexes and two of my pearl strands are insured to replacement value under a Luxury Goods policy, which is also sometimes known as a Personal Article policy. These policies also cover repair as well as replacement. Very few riders to renters policies or homeowners policies are as comprehensive. Also the Luxury Goods/Personal Article Policies are quite reasonable cost wise. In my case, it's practically free as having an additional policy with the same company gives me a discount on my auto policy which nearly equals the cost of the LG policy.

    Jeannie

  3. #3
    Omega Forum Moderator emmanuelgoldstein's Avatar
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    Re: Interesting Read for Renters that Insure Their Watches

    I have a separate policy for my jewelry. My watches are covered for their replacement value. My jeweler is the one who turned me on to the separate policy as it is more comprehensive. You may want to look into that also.
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