Property Insurance 101
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. |
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