Taking a closer look at home insurance replacement cost and actual cost value When purchasing home insurance, you will be given the option to choose which type of replacement policy is the best suited for your needs, a replacement cost policy or an actual cost value policy. It is important to understand the difference between the two policies to ensure you are getting the coverage that is going to fit into your budget as well as provide sufficient coverage for you home and personal belongings. Replacement Cost Replacement cost means…
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What should you know about making claims following a hurricane?
Following hurricane Irene, many people are wondering how to go about making insurance claims on their policies. There are several tips that are being made by the industry to help people to get the most out of their policies and to allow them to be processed with the greatest speed and ease. The first steps include the following: • Contact an insurance adjuster as soon as possible so that they can view the extent of the damage. • Once the agent has assessed the damage, you may begin preventing further…
Read MoreDamages from Sendai earthquake are far spread
Japan is in the midst of the most catastrophic disaster in recent history. On Friday, the nation suffered a magnitude 8.9 earthquake that was the most powerful geological event in the region in millennia. The quake triggered powerful tsunamis that invaded the shores of Japan and caused grievous damages to the Northern provinces. While the earthquake threatened to tear apart the nation’s foundations, the unrelenting tsunami washed away everything it its path. Insurance companies are struggling to fathom the cost of the disaster. Initial estimates claim that more than $35…
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