Proving Ownership for Insurance Coverage
If you make an insurance claim, you will need to tell your insurance company what was lost. During the process, after coverage is confirmed in your insurance policy, you will... Read more →
Navigating the claim process can be stressful when you have experienced a loss. If you have an insurance claim question, our Claims Examiners, together with our team of brokers, independent adjusters, and contractors are here to help!
Here are some answers to common insurance claim questions and concerns.
A deductible is a portion of the claim that you are responsible for. The amount of your deductible is stated on your policy. We are responsible only for the amount by which the loss or damages caused by any of the Insured Perils exceeds the amount of the deductible.
Actual Cash Value is the cost of replacing damaged or destroyed property with property of similar kind, quality, and usefulness, minus depreciation. In calculating depreciation, factors such as the condition and age of the item, its resale value, and normal life expectancy are taken into consideration. Some coverages only provide Actual Cash Value settlements, and this will be noted in your policy.
The contract of insurance is a contract of indemnity between us (your insurer) and you (the policyholder).
Replacement cost for contents you own, such as furniture, means the value of that property on the date of loss for new articles of similar kind, quality, and usefulness without any deduction for depreciation. With regards to repairs to damaged structural property, replacement cost means the cost of repairing or replacing the property with materials of similar kind and quality, whichever is less.