Nationwide Brand New Belongings Review
Nationwide's "Brand New Belongings" coverage will help replace your belongings if they're damaged, destroyed, or stolen. In the event of a claim, Nationwide will send you a check for the actual cash value of your insured item, then after you pay to replace or repair the item, they’ll reimburse you the difference (simply send the receipt to Nationwide for proof).
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Jeff Root
Licensed Insurance Agent
Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...
Licensed Insurance Agent
UPDATED: Jan 8, 2024
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Jan 8, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider. Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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Nationwide has really been at it lately with their television advertising campaign. You might recall our recent post about the Nationwide Vanishing Deductible. We like digging into companies for informational purposes.
The most recent spot highlights ‘brand new belongings’ coverage on their homeowner, condo, and renters insurance policies. Let it be said that they are an insurance company that understands the need to shake things up now and then. Customers tend to look at new policies with much more interest and curiosity than older options.
What do they mean by ‘brand new belongings’?
According to the Nationwide commercial, if your personal belongings are stolen, damaged or destroyed, Nationwide will make sure you get brand new stuff rather than just the depreciated value of anything that suffered damage, assuming you have their optional brand new belongings coverage in place.
The meat and potatoes of this additional coverage that you have the ability to purchase can really come into play if you suffer a property loss (that’s covered by your policy).
The average cost to replace everything you own with new items of ‘like kind and quality’ (in Nationwide’s terms, this would mean the brand new belongings) would be significantly higher than if your insurer only had to write you a check for the actual cash value of your home’s contents.
If you have actual cash value loss settlement coverage for your home’s contents, you’ll simply receive a check for the depreciated value of your belongings in the event of a loss.
In other words, the 50-inch TV you bought three years ago for $1,000 may only be worth about $350 on Ebay today.
Brand New Belongings is essentially replacement cost coverage for your contents, meaning Nationwide will cover the cost to buy you a NEW 50-inch television set…in “today’s” money. If it costs $1,000, that’s what they’ll pay.
In the event of a claim, Nationwide will send you a check for the actual cash value of your insured item, then after you pay to replace or repair the item, they’ll reimburse you the difference (simply send the receipt to Nationwide for proof). As far as optional features are concerned, this doesn’t seem all that bad. The policy language is pretty straight forward, and doesn’t seem to be implying that it’s something that would end up breaking your bank.
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What if I don’t have replacement cost coverage for my belongings?
Multiply the difference between the cost to purchase your personal belongings at today’s current cost by every single item in your home and you can quickly see that replacement cost coverage is the way to go.
In other words, would you rather receive a check from your insurer that allows you to go to a store and buy new property of ‘like kind and quality’ to what you had, or would you like to get a check that covers you for the amount of money you would have made selling all of your personal belongings at a garage sale? This is why it’s important to carefully consider all of your insurance coverage options.
Should you panic? Probably not. Most homeowner’s insurance policies contain replacement cost coverage for your dwelling (the physical structure you live in) and your contents. (Read our full “What is a dwelling fire policy?” for more information.)
This is particularly true if you have a mortgage on your home. Your lender will DEMAND replacement cost coverage for your dwelling (because your lender actually owns it until the mortgage is paid-in-full) in order to satisfy loan requirements.
As a result, most insurers include replacement cost coverage for your contents as well. Which means you don’t have to worry about a sudden influx of expenses if your home suffers water damage.
Read more about the many types of homeowner’s insurance policies here.
When should you be concerned?
If you bought your homeowners insurance policy SOLELY based on premium cost, you might want to double check your policy to ensure you have replacement cost coverage for your home’s contents.
Why? Replacement cost coverage for your home’s contents is not GUARANTEED on your home policy. While it’s normally included, you might not have it if the only thing you looked at was price.
Some insurers offer the option to insure the contents of your home for actual cash value…and, of course, it’s cheaper! If you were looking for the cheapest home insurance policy out there and didn’t look at the details of your coverage, you might not have purchased replacement cost coverage for your contents.
Is this coverage special?
Nationwide is simply highlighting and adding spin (and a catchy name) to basic coverage most homeowners already have with whatever company they’re insured with.
By basic, we mean the type of coverage almost every other insurer (worth their salt) is already including on their policy coverage form without an associated commercial or cute name.
Insurance companies know most of us don’t read our policies or fully understand our coverage, so they take advantage of this by scaring us into questioning what we actually have. Because insurance products are always changing, this isn’t a huge surprise, but it still does make us wonder what else they’re going to spin in a new light.
If Nationwide’s policy saves you money…go for it. Just be sure to read and understand your current policy before you rush off to obtain brand new belongings coverage at a higher premium if you already have personal property protection on your existing policy.
For the record, Nationwide used to refer to brand new belongings as, ‘extended replacement cost.’ Doesn’t sound nearly as cool or exclusive, does it? For these reasons, it’s always best to review homeowners policies, to get a better understanding of the types of coverage that comes included or is being paid for.
Read more: Why is my home’s replacement cost so high?
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Nationwide Brand New Belongings Effortless Claims Process
Ease of Filing a Claim (online, over the phone, mobile apps)
Nationwide provides a convenient and straightforward claims process for its policyholders. Whether you need to file a claim online, over the phone, or through their mobile app, Nationwide offers multiple options to suit your preferences. This flexibility ensures that you can initiate the claims process in a way that is most convenient for you.
Average Claim Processing Time
Nationwide is committed to processing claims efficiently to provide quick assistance to its customers during challenging times. While specific processing times may vary depending on the nature and complexity of the claim, Nationwide strives to expedite the process and provide prompt resolutions.
Customer Feedback on Claim Resolutions and Payouts
Nationwide values customer feedback and aims to provide satisfactory claim resolutions and payouts. The company’s reputation for customer service and its commitment to delivering on claims are reflected in the feedback and reviews from policyholders. Customer experiences with claim resolutions and payouts help demonstrate Nationwide’s dedication to customer satisfaction.
Nationwide Brand New Belongings Cutting-Edge Digital and Technological Offerings
Mobile App Features and Functionality
Nationwide offers a user-friendly mobile app with a range of features designed to enhance the customer experience. The app allows policyholders to manage their insurance policies, file claims, access important documents, and even receive assistance during emergencies, all from the convenience of their smartphones.
Online Account Management Capabilities
Nationwide provides robust online account management capabilities that empower policyholders to take control of their insurance accounts. From reviewing policy details to making payments and updating personal information, Nationwide’s online platform offers comprehensive tools for easy and efficient account management.
Digital Tools and Resources
In addition to its mobile app and online account management, Nationwide provides policyholders with access to various digital tools and resources. These resources include educational materials, calculators, and guides that help customers make informed insurance decisions.
Nationwide’s commitment to leveraging technology ensures that policyholders have the resources they need to navigate their insurance coverage effectively.
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Jeff Root
Licensed Insurance Agent
Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.