One question that homeowner’s and renters are likely to face is over the issue of actual cash value and replacement cost coverage. In the state of New Mexico there is a big difference between to the two terms that can mean disaster in the event of a total loss for insurance holders. Here are some things that you need to know about the terms and how they can affect your claim payout.
What Actual Cash Value and Replacement Cost Coverage is all About
Understanding your home policy is the first step to being financially secure. Actual cash value is a term that can mean a major headache for policy owners. Let’s say for a moment that you buy a brand new 50 inch flat screen plasma with all the latest technology added into it. You will easily pay several thousand dollars for the television. Each year the value of the television will decrease much like the value of a car does. This is called depreciation. Five years go by and you have a fire that destroys your new television. So you file a claim and receive a check for $100 instead of the cost to replace the unit. Actual cash value will only pay what the unit is worth not what it will cost to buy a new one.
Replacement cost coverage is the opposite of actual cash value. In the event that you have to file a claim you will receive the value of the television of what it will cost to replace it with a like new version of the unit. If you have any questions about what your policy covers in terms of cash value or replacement cost, then feel free to call an independent agent near you. They can help you determine what your policy covers and they can even make changes to make your policy better for you.
It only makes sense that you want the very best insurance coverage possible for your home. However, most people do not have an enormous budget each month or year to spend on this coverage. Because of this, shopping around to find the perfect policy is important. You will find that there is not on certain homeowner insurance policy that works best for every person. Finding the best insurance coverage is a science.
Shopping for insurance is easy enough, or so you think. The insurance companies make you think you can easily go online to shop for your insurance. However, it is really not that simple. If you want insurance that meets all your needs and does not break the bank, it only makes sense to have someone on your side. An agent can help you make the right decisions when it comes to insurance—meeting your needs is a good agent’s number one concern.
In Las Cruces, New Mexico, you have many choices for an insurance agent. However, you do not want to go into it blindly. Choosing a new independent agent is a complex matter. You want someone who understands the business and that you can relate to on a personal level. A good agent will be able to help you find a policy that meets all your coverage needs.
Homeowners insurance is vitally important. It protects you financially in case something were to happen to your property or if an accident occurred on your property. Unless you have experienced it, you cannot imagine how financially draining one of these accidents can be without insurance or without adequate insurance. Contact us today and let us help you set up an insurance policy that will protect you from any situation.
If you are a business owner, you probably know a bit about what types of insurance are important for your company. For instance, if you have a fleet of company vehicles, it is important that you have commercial auto insurance to cover these autos. However, there is one other type of insurance that is less understood—workers compensation insurance.
This coverage can make a big difference in protecting your company and assets if your business happens to suffer from a catastrophic accident. If someone is injured on the job, you would have to pay for their workers compensation claim out of pocket, unless you are covered by a workers compensation policy.
If you live in or around Las Cruces, Albuquerque, or Rio Rancho New Mexico you have plenty of options when it comes to commercial workers compensation insurance. You could contact an insurance company yourself and try to get the coverage you need, or you can contact an independent agent.
While you could go through the yellow pages and choose an agent, working directly with us is often the best option. We have an extensive knowledge of workers compensation insurance. This will help you make sure you are covered in case one of these issues crops up. Additionally, working with an agent will often save you money. An agent can compare rates from several insurance providers to make sure you are getting exactly what you need while paying as little as possible. Check out our services today and find out how we can help you get started putting together the perfect workers compensation policy to meet the needs of your company. Feel free to contact us with any questions or concerns about insurance benefits of all types, and let us help you.
Those who have a homeowners insurance policy probably find themselves asking many questions. One of the most common is “How often should I review my homeowners policy?” This is something that is very important for all insurance clients.
It is so important because you may have major changes in your insurance needs without even realizing it. It could be that you have added on to your house, purchased additional items for your yard or perhaps the value of your home’s content have risen. Reviewing your policy is easier than you may think. You should go through your policy line by line and find out if you are adequately covered. You may also want to check online and see if there are additional types of coverage that you do not already have. Finally, see if you qualify for any type of package deals. Sometimes you can bundle several types of insurance together and save more money.
If you are concerned about your policy, one of the best things you can do is to contact your independent agent. If you are in Albuquerque, New Mexico, you have many options in terms of agents. You can either handle your insurance needs yourself online, go with an insurance agent out of the phone book or choose us for your independent agent.
Working with an agent is one of the best ways to review your policy. That’s because the agent understands the insurance industry better than most. This understanding can help you decide what type of insurance you need and perhaps whether you need to add more coverage, reduce your coverage or even go with another insurance provider. Browse our services and see what we can do to help you with your insurance questions.