brier December 27, 2011 No Comments

One of the best ways to get great Florida insurance deals is to shop around and find the coverage that suits your needs best. For example if you are looking for the best life insurance deal, you will most likely want a policy which covers your family’s needs into the future without breaking the budget or with high premiums. Similarly, when checking for the best deal on homeowners’ insurance, you’ll want enough coverage to rebuild your home should there be an event that destroys your property.This is where it can be important to understand the difference between actual cash value (ACV) and replacement cost.

Actual cash value is where the insurance company offers to pay you for the item lost or damaged, less depreciated value. For example, if you lost a $600 camera in a burglary, and claimed this on your policy, actual cash value would only allow you to recoup the cost of the camera $600 less depreciation and other factors such as the age of the item.

Replacement value, usually a more expensive option, offers an improved level of coverage – the replacement value of the camera without depreciation being taken into account.

For more information about the various forms of great Florida insurance policies available, contact one of our agents and arrange a consultation. They will be able to assist with any queries and will be more than happy to offer an obligation-free quote.

Image Courtesy Shelton Media.