Replacement Cost vs. Actual Cash Value
Investing in the right amount of insurance protection will help to ensure that you will be reimbursed if any of your personal property is damaged or destroyed. From your homeowners insurance to your auto insurance, knowing how to properly protect your assets can help to ensure that you do not have to pay for damages out of your own pocket.
When looking for the right insurance policy, you will have the option to choose between actual cash value or replacement cost. The actual cash value of an item, also known as ACV, is determined by looking at the original value of an item, minus the amount that it has depreciated since you bought it. On the other side, replacement cost is the amount of money that it would take to replace destroyed, damaged, or stolen property with a brand new item.
While actual cash value and ...
Owning a condo is different from owning a house, which means that appropriate coverage for your needs will also differ. The best protection for a condo is not the same as a house because the problems you may face are vastly different. The best way to protect your home when you have purchased a condo is with condo insurance.
Read Through the Current Coverage
If you have a mortgage, then it is likely that the bank required homeowners coverage for your condo. The problem is that it will not give you the correct protection for the possible risks you face in a condo. It will only protect certain aspects of your condo. Read through the coverage to identify what you already have on your home and then look for additional protection that is specifically designed for a condo.
Getting Condo Coverage
After you know what you need, it is possible to get condo ...
It is common knowledge that homeowners insurance is a necessity. However, most people are not aware how valuable flood insurance can be.
While not every home is located near notorious flood zones, many are still at potential risk of flood damage. Winter storms and snow melt can both cause flash flooding as well as gradual flooding in many areas. In fact, in 2012, 25 percent of claims paid by the National Flood Insurance Program were not located in traditionally high-risk flood areas.
Flooding is the most common natural disaster in the United States. Despite that, it is not covered by a standard homeowners policy. Flood insurance can cover your home in the event of the overflow of streams, rivers, lakes or drainage systems, as well as coastal high tides and storm surges.
It is important to note that there is often a 30-day waiting period after you have purchased your flood insurance ...