When assessing the cost or value of covered assets, there are many standards that can be used, including the item’s actual cash value. Actual cash value is defined as the cost of replacing property that damaged or lost with comparable … Continue reading
When an individual or company purchases insurance from a provider, the term policy is used to refer to the written contract that formalizes the coverage. The policy includes all components of the agreement, including any and all clauses, riders, endorsements, … Continue reading
The amount a homeowner must pay out-of-pocket for damages due to hurricane before insurance kicks in is known as a hurricane deductible. Some insurers, particularly in areas at greater risk for hurricanes, offer policies that include a variable hurricane deductible … Continue reading
