BiggerPockets

Different Insurance Terms, What are they?

Thursday, March 18

Actual Cash Value

In many states, this means that, in the event of a covered loss, you'll be paid the current replacement cost of what you lost, minus depreciation. (This generally includes the estimated wear and tear on the item damaged or the loss in value of that item because of aging and use.) The total amount you'd be paid would be subject to the terms of your particular policy, including applicable deductible and coverage limits.

Additional Living Expenses Coverage

With this coverage, the company will pay the reasonable increase in living expenses necessary to maintain your normal standard of living when a direct physical loss we cover makes your residence premises uninhabitable. This may include payments for the additional costs of a place to stay, food and other increased living expenses.

Deductible
The portion of a covered loss that you agree to pay before the insurance company becomes responsible for payment under the policy. A larger deductible usually means a lower premium. For example, if the covered claim is $1,000 and your deductible is $250, you pay $250 and your insurance company will pay $750.

Family Liability Protection
Provides protection for insured persons who become legally obligated to pay for covered accidental bodily injury or property damage to others. This protection does not cover auto liability claims.

 For more information on this topic read the Allstate Insurance website on Insurance Terms.

 

Advocate for Allstate.

Meri.

Home Insurance How Do I Choose the Right Company?

Wednesday, March 17

Make sure you have insurance for your family, home and possessions by deciding on the right company. Choose the company with the best...

Reputation

Get insurance from a quality company — a company with a strong reputation, high standards and financial stability. Look for a company that guarantees its workmanship.

Availability

Choose a company that's available when you need it most. Think about what's important to you — Is it a national company with local access across the country? A local agent, you know by name? A Web site where you can file a claim or view your policy? Or is it all of the above?

Service

Choose a company that will give you superior customer service and support. Select a company with knowledgeable representatives trained to answer to your coverage questions, respond to your claims quickly, and provide safety and disaster information for your home and community.

Price

Some companies may tell you that insurance only comes down to price. Remember that you get what you pay for. Understand the complete policy and the service promises behind the price. Understand what discounts may be available. Find the balance between financial security, peace of mind and price when choosing your coverage options…Don't pay for insurance you don't need or get less protection just to get a lower price.

For more information on this subject read the Allstate Insurance website on Home Insurance.