Understanding Insurance

Understanding Insurance

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Homeowner Policies
Homeowners policies can be different from company to company. It’s best to make sure you review all options to make sure your policies cover what you actually want to have covered.
ACV vs RCC

Actual Cash Value: Depreciated value based on age, condition, and category (avoid as much as possible in homeowner policies)

Replacement Cost Coverage: This means claims will pay what it will cost to replace or repair the item. You always want to see this (granted in auto policies cars are always ACV)
Deductible
A deductible refers to the amount of money that you, the insured, are required to pay before the insurance company takes over. The higher the ded., the lower your payments. The lower your ded., the higher your payments are
Declarations Page
This page is basically a snapshot of the important information regarding your insurance policy. It will have policyholder information, such as name, address, and policy number, as well as coverages, limits, premiums, deductibles, and dates of coverage.
Liability Coverage
Our job is to advise and pair our clients up with the best financial advisors to ensure that any property gets the correct evaluation in case of asset division during divorce or separation.
Endorsement
An insurance endorsement, also called a rider, is a change to your insurance policy that adjusts your coverage. Adding an endorsement to your existing insurance contract usually means adding or modifying coverage.

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