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  • Coverage for all physical loss. Only items specifically excluded in the policy are excepted.

  • Unpreventable events such as floods, earthquakes, lightning, or other natural causes.

  • The value of your personal items when depreciation is deducted from their full cost. This is a common settlement option in most policies and is typically what the insurer will attempt to settle for. For example, if you owned a $500 couch for 3 years, before it is destroyed in a residential fire, the insurer would likely offer you around 50% of the value of the couch ($250) due to the effect of three years’ worth of wear-and-tear.

  • A policy that pays out the full insured value in the event of a total loss rather than the stated amount.

  • A survey conducted to determine the amount of damage, costs of repairs, and whether the loss qualifies as a total or complete loss.