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A standard homeowners insurance policy provides various coverage options, including personal property coverage and dwelling coverage.
If you have the money to pay for property damage out of pocket, then actual cash value insurance will work just fine. However, if you don’t have any savings or assets, you may want to go for replacement cost insurance, as this will relieve the burden of paying for replacements out of pocket in case of a loss.
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Insurance policies are something the typical person does not think about until it is time to use one. Then it is really too late to actually "think" about it...you are at that time stuck with what you have got.
With regard to homeowner's policies - do you know the difference between "replacement cost" policies and "Actual Cash Value" (ACV) policies? Most folks do not. Homeowner's policies are available in both iterations.
An ACV policy - In the property and casualty insurance industry, Actual Cash Value (ACV) is a method of valuing insured property, or the value computed by that method. Actual Cash Value (ACV) is not equal to replacement cost value (RCV). ACV is computed by subtracting depreciation from replacement cost. The last part is important - the policy holder of an ACV policy will receive ONLY payment calculated AFTER DEPRECIATION!
Replacement Cost policy - The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. In the insurance industry, "replacement cost" or "replacement cost value" is one of several method of determining the value of an insured item.
So - in short, get REPLACEMENT COST.
Here's another reason to be an informed consumer, especially Homeowner's Insurance. After the 2011 hail storms Farm Bureau and numerous other Tennessee insurors had to limit it's payout exposure so they changed the payout to actual cash value for roofing materials instead of replacement cost.
What Does It Mean To You?
This means that roof materials will be depreciated in the event of a roof claim. For example, if hail damages a roof that is 10 years old, the replacement cost would be depreciated to account for the age of the roof. The depreciation rate will vary depending on the age and condition of the roof, but could be as high as 75%, which will impact your ability to replace the roof after a catastrophe. The bottom line is your coming out of your pocket to make up for the short or difference Farm Bureau doesn't pay you (I can email you the Farm Bureau endorsement).
What's The Lesson Learned Here:
When you receive a document from your insurance company do the following: Open it, then read it and if it makes no sense CALL your agent for clarification. If you don't like their answer then call me I'll put it in clear speak and show you the solution. Jeffery Sullivan
www.applegateinsuranceco.com or 865-240-2348
