Skip to main content
Tag

replacement cost Archives - Horan Companies - New York Insurance Agency, Baldwinsville, NY

Blog Post - Replacement Cost VS Actual Cash ValueHomeowners InsurancePersonal Insurance

Replacement Cost vs. Actual Cash Value

Regardless of the type of property you have insured, you either have replacement cost or actual cash value protection. Does that sound like some insurance jargon to you? Well, it is. However, it’s critical jargon that you need to fully understand if you ever have to make a claim on your insurance policy. Home insurance, personal property insurance, and auto insurance are based on replacement or actual cash value coverage. Let’s dig into the definitions and differences between both. Replacement Cost – What it does The best way to describe replacement cost is through a couple of everyday examples. What…
April 21, 2022
Homeowners InsurancePersonal Insurance

The Absurd Value of Homeowner’s Insurance

The Absurd Value of Homeowner's Insurance Homeowner's insurance is one of the most common forms of insurance because similar to cars, many lenders won’t allow you to buy a home without first having insurance in place to protect it. Those lenders understand how important homeowners insurance is. When you break down everything it covers, the premiums you pay every month can seem like a steal. The average homeowners insurance premium is somewhere around $1,000 a year. This can be higher or lower depending on where you live. For the math though, $1,000 is a nice round number that will make…
November 1, 2019
Business InsuranceBusiness Owners Insurance

How does Co-insurance work?

Question #96 in 100 Insurance Questions in 100 Days Video Series https://youtu.be/nO5TC2tCW2c Coinsurance on a commercial insurance policy in New York can have a serious impact on any partial or total loss. This is a critical element in the insurance policy that can not be overlooked. Please review this video explanation so that you do not get caught blindsided.
November 10, 2017
Personal Insurance

Would you be able to keep the insurance money and NOT rebuild?

Question 73 in 100 Insurance Questions in 100 Days Video Series! https://youtu.be/LtUW7Zd4HAg What if you could sail off into the sunset after suffering a complete loss on your home? If you were to just glance at your declarations page and see your home's replacement value, you might be tempted to do just that. Ah, but not so fast....watch this brief video to see more.
October 18, 2017
General Topics

Should I inventory my stuff in the case of a fire?

Question 6 of 100 Insurance Questions in 100 Days! https://youtu.be/xNW7qItjrGo You might think the insurance company is going to make you prove every last spool of thread or box of nails. The truth is, the only time it really matters is when you've purchased an unusually high amount of something that most people would only have one or two of, like 10 drills or something. However, I suggest creating a short video of your home or business so that you can have some help recalling what was in it in case of a bad fire. In my experience, most people have a…
August 12, 2017
Close Menu