Property insurance is typically based on the Actual Cash Value of the item(s) you want to insure.
Why it matters: When you have a valuable collection, you can protect that with Agreed Value coverage.
⚙️ How it works: Aaron Husman of The Phoenix Insurance explained it like this:
We have a client with a collection of original Star Wars action figures.
- In the event of a loss, a standard policy would only pay to replace those with new action figures.
🥊 Reality check: With Agreed Value coverage, you and the insurance company agree that your collectibles are valued at “x” amount in the event of a loss.
- So your investment is properly protected.
✅ For your Smart Homeowner list
- Do you have a collection of sports memorabilia, vintage toys, wine, stamps or something else?
- If you’re not sure you have the right insurance, reach out to my friends at The Phoenix Insurance.
🔦 Pro Spotlight
Aaron Husman started The Phoenix Insurance to provide personalized service to policyholders and potential clients. They have access to a wide range of insurance products from multiple companies.