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Why Purchase Full Replacement Cost Coverage?
August 4, 2018
Why not save some money, have less coverage and rebuild a cheaper house?
Why? People buy “ replacement value ” coverage for a number of valid reasons:
- They like their current home construction and wish to keep it that way.
- They like their current home location and don’t want to move.
- They realize that most losses are partial and not total in nature.
- In the event of a partial loss, they want coverage that will pay for the cost to “replace” rather than face the potential of loss settlement that depreciates certain items.
- They want options in the event of a total or near total loss that don’t result in the only viable alternative being the purchase another home.
- They realize that the cost of demolition and debris removal may severely cut into the funds they would have to pursue purchasing another home.
- They realize that shopping for a new home may be more problematic than rebuilding their current one.
- In some areas… they understand that the cost to buy an existing home is greater than the cost to rebuild one that is damaged.
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
