James Davis Agency

Property Insurance

Frequently Asked Questions.

What is Actual Cash Value (ACV)?

Actual cash value is replacement cost minus depreciation.

What is Replacement Cost?

It pays full current replacement cost of property without deduction for depreciation if the property is insured for at least 80% of  its replacement cost.

What is Scheduled Personal Property (SPP)?

Scheduled Personal Property covers jewelry, furs, cameras, musical instruments, fine arts, silverware, golf equipment, stamps and coins for a specified dollar amount.  It is an all risk, no deductible coverage.

Does my property policy have liability coverage?

Yes, personal liability covers defense against all claims or suits for bodily injury and property damage.

Does my property policy have deductible?

Yes, a deductible is the insured's share of a covered loss before the insurance company indemnifies the insured.