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What is “Actual Cash Value” or ACV?

6/6/2016

 
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Spring is here in Nebraska and if you are like many you are already dealing with severe thunderstorms. 

When hail storms, lightning strikes or tornadoes happen you might be digging out your policy to see what you are covered for.

If your property is damaged and you file a claim, there are a couple of ways the repair/replacement will take place.  

You could receive full value replacement, or an actual cash value replacement. 

So you might still be asking, what exactly does actual cash value mean? 
​
When "actual cash value" is used in a policy, a policy owner is entitled to the depreciated value of the damaged property.


In other words that means the insurance company takes the Current Replacement Cost – Depreciation = Actual Cash Value of the item.

The reason behind this is that it recognizes the reduction of value as the property ages, becomes obsolete, and is subject to wear and tear.

In some cases you can talk to your insurance agent and they will guide you on what requirements it takes to have a different valuation method for your items if possible.

This method of valuation can apply to personal property, your roof, your actual home, additional structures like awning or window coverings, and etc.

Many times “actual cash value” will be abbreviated to ACV.

​A common example of when ACV is used in a policy is if a roof on a home is getting old or worn down, the insurance company will likely tell you to either replace the roof before something bad happens or that damages will be moved to an actual cash value basis. 

BEWARE of scams during storm season!

5/11/2016

 
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With Spring weather doing it's usual thing here in Nebraska, we want to inform our customers of the dangers caused by unscrupulous contractors. 

Hail and wind claims can have major problems when a homeowner is taken advantage of by a scammer.



A homeowner may be asked by a contractor to sign an agreement whereby the homeowner assigns all rights and benefits under his insurance policy to the contractor. The homeowner usually does not even realize he has done this, or doesn’t understand the implications of it.

Why this is an issue is because assignments of benefits are NOT necessary. 
  • A contractor and insurer can always discuss the scope of work and a reasonable price for that work. In most claims, the contractor and adjuster reach an agreement as to the cost of repairing damaged property before a contract to perform the work is signed. Without an assignment, the homeowner can stay advised of these discussions. The insurer can and will keep the homeowner updated on the progress of his claim. In contrast, with an assignment of benefits in place, the homeowner is not kept “in the loop.” In fact, the insurer may be prohibited from even discussing the claim with the homeowner once an assignment is signed. The homeowner has no recourse for unsatisfactory work.
  • After an assignment of benefits is signed, the contractor may raise the estimate or include work that was not actually needed. The claims adjuster will then have to re-adjust and re-negotiate the claim until the dispute is worked out. This leads to increased costs for the insurer, and delay for the homeowner. And if the insurer and contractor don’t get it resolved, litigation may ensue. Because an assignment of benefits gives all of the homeowner’s rights to the contractor, the contractor who is not satisfied with the amount will sue the insurer directly. Increased claims processing and litigation defense costs ultimately lead to increased premiums.
  • The assignment of a roof/ hail claim to a contractor violates the basic insurance principle of insurable interest. Once the claim is assigned to the contractor, the contractor becomes the owner of the claim. However, the contractor has no insurable interest in the insured home. The contractor does not own nor live in the home, and it does not matter to the contractor whether the work is done quickly or correctly​

Claims are already hard enough to go through and with these storms passing through the area, scammers are already targeting homeowners!

​ If you have suspicions about a contractor that comes to your door, deny the service and find a trusted contractor. If you are unsure about who to trust, work closely with your insurance adjuster and agent.  They work with claims frequently and will have trusted business relationships with genuine contractors. 


We are here to serve YOU first!


What does 80% co-insurance mean?

5/3/2016

 
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​Insurance carriers require that an insured party insure at least 80% of the property's value in order to collect a partial loss in full. 

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What is Replacement Cost?

3/30/2016

 
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When "replacement cost" coverage is used in a policy, a policy owner is reimbursed an amount necessary to replace the article with like kind and quality at current prices without any deduction for depreciation.

So that means if your two year old TV was damaged in a storm, if the model of your TV is still being sold then it is likely you will receive that same TV.

If not however, then you would receive a newer TV that is very similar to the one you originally owned.

​Many companies require that if you want to have replacement cost coverage on your items that you have at least 80% of the property’s value covered at the time of loss.  

How having a dog can affect your home insurance.

2/22/2016

 
​A woman was denied an insurance claim because of her dog, this is very sad but not an uncommon situation. Unfortunately this is a classic example of how important it is for the insurance agent to know their customers. 
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What is Homeowner’s Insurance?

2/11/2016

 
Homeowners insurance is a form of personal lines insurance. The typical homeowner’s policy has two main sections:
  1. Covers the property of the insured and
  2. Provides personal liability coverage to the insured

​There are different types of homeowner’s policies depending on what type of coverage is necessary. The types are divided based on what perils (or causes of loss) they cover. The types are numbered 1-6 and 8.


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  • Home
    • News
  • Contact
    • Client Testimonials
  • About
    • Our team >
      • Christi Whalen
      • William T. Zimmer
      • Dave Hinkley
      • Carla Stauffer
      • Alex Zimmer
      • Jodi Newman-Schliefert
      • Betty Piper
      • Shauna Randall
      • Sara Burton
      • Shannon Aikman
      • Shannon White-Michener
    • Our Partners
  • Services
    • Personal Insurance >
      • Auto Insurance
      • Motorcycle Insurance
      • Homeowners Insurance
      • Renters/Condo Insurance
      • Personal Watercraft
      • Umbrella Insurance
    • Commercial Insurance >
      • Property Insurance
      • Business General Liability
      • Business Auto
      • Worker's Compensation
    • Life Insurance
    • Health Insurance
    • Retirement Plans
    • Group Insurance
  • Payments/Claims
  • Blog
  • Insurance 101
  • Legal Statements
  • Holiday Closing Schedule