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RC, or Replacement Cost, is the amount it would cost to repair or replace an item with one of the same quality as the original in today’s market.  This is the only coverage you should elect.

ACV, or Actual Cash Value, is the replacement cost of an item minus depreciation.

Insurance is based on everyone’s claims, not just yours. Maybe you didn’t have a claim but 5 of your neighbors did. Picture a large bowl, everyone in the neighborhood puts in $100 and then when someone suffers a loss they use the money from a bowl to make themselves whole.

Yes. It may be a more expensive policy because the risk is higher, but you can always obtain insurance.

Each company has different rating methods, and no two people are the same. Each company looks at how old the house is, how your roof is attached, your age, your occupation, your credit. All these things can affect your premium.

There is very limited jewelry coverage on a standard Homeowner’s policy. Some companies afford $1,000, $2500 or $5000 and sometimes a bit higher if you have a package. Any pieces of jewelry, art, musical equipment, hearing aids, furs, or other collectibles should be scheduled separately so you can receive the full amount to replace the item in the event of a loss.

Beachside homes are not more expensive because of flooding. Flood is not covered under a Homeowners policy so there wouldn’t be coverage for that anyway. Insurance is more expensive near the water due to the wind exposure. There is more of a chance of you having a claim due to high winds than someone that lives inland.  Flood is a separate policy and should be considered even if you do not live in a designated flood area.

In the event of a lawsuit, you may never have enough coverage. We recommend you get the highest limit offered by the company. It often is under $20 to go from $300,000 to $500,000 in coverage. You can also purchase and Umbrella policy that will give you an additional $l million to $5 million in coverage.

Insurance is based on the cost to rebuild your home any circumstance from a fire to a hurricane.  It is not what the property would sell for or how desirable the property is. The land is not included in the calculation.

Co-Insurance is a share of the costs. The Co-insurance penalty states that if you are not insured to at least 80% to 100% of the Replacement Cost (depending on the company) of your home at the time of a loss than you will be responsible for paying a part of the claim above and beyond your deductible. Therefore, it so important to not be underinsured.