We Hate Insurance

The roof of your house protects your family and belongings from the rain, wind, hail, and more, so, it has to stand up to quite a lot of punishment! So is your homeowner policy going to replace it?  Replacement Cost vs. ACV (Actual Cash Value)  So when you took at your declarations page for your homeowners policy and see that you have $250,000 in coverage for your home, you assume that will be enough to replace the roof after the next hail storm.   But when it comes to the actual coverage that will be provided when a claim is filed, it is important to understand that all policies do not cover your property the same. Below are two types of coverage to be aware of and to look for on your declarations.   Actual Cash Value : Actual Cash Value coverage is a way of covering your roof that limits the amount that you will be paid in the event of a claim. Basically, the insurance company will account for the depreciation on the current roof, and they will deduct this fro...

If you own valuable jewelry, an iPhone, valuable guns, or other items that have a high value, you should consider protecting it with an inland marine insurance policy. Inland marine insurance can supplement your existing insurance policies and provide added coverage for your prized possessions.  What Is Inland Marine Insurance?  The term “inland marine insurance” came from marine insurance, which insured property that was transported over the water. Inland marine insurance then came about to protect property as it was transported across land. Today, inland marine insurance may cover several types of movable property, and it may supplement existing insurance policies. Although a standard homeowners insurance policy may provide some protection for jewelry, it may not offer all the coverage you need. The disadvantages of using your homeowners policy to cover your movable property include:  Since jewelry and other items are easily misplaced or stolen, a standard homeowners po...