hiya:
Just some recommendations based on my experience as an adjuster. There are some things people don't realize about insurance and get REALLY mad about when they have to make a claim.
Know the difference between ACV (actual cash value) and RCV (replacement cost value). People expect that when they have a claim that they are going to be able to replace the lost/stolen/damaged item but in reality....it depends on your policy.
If you have ACV - you are only going to get paid the DEPRECIATED value. Say your 3 year old computer gets stolen. It cost $1500 brand new. Computers do not have long life expectancy. The actual cash value of your computer is the value of what your USED computer would bring on the market. Most people don't pay a pretty penny for a used computer. You MIGHT be looking at $500 for the computer.
If you have RCV - you will be entitled to the cost to REPLACE the item. If the cost to replace the computer with a current comprable model is $1750....that is what you are going to be entitled to. You might only get the ACV up front or a percentage of the RCV but would get the difference once you submit the replacement receipt.
Other things:
INSURE (via a 'schedule') anything you have/own that is not of minor value/content. Expensive Jewelry, Furs, musical instruments, Silver flatware. Don't take the minimum med pay limit. If your area is prone to storms or water backing up....see what kind of endorsements are available.
Most people just take their agents word and nod their heads when it comes time to agree. Make sure you ask questions -there are limits and exclusions you need to be aware of and things are not always the way you want them to be.
Goodluck!
~jifr!
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