Federal Way, Tacoma, Seattle, Black Diamond, Puyallup and Surrounding Areas

Tag: Actual Cash Value

Loss damage waiver rental car insurance

Loss Damage Waiver: Rental Car Insurance

Loss Damage Waiver This is the final article on Rental Car Insurance and in this authors opinion is the most important one to consider.  Part 3: Loss Damage Waiver. To start from the beginning read part 1, Rental Car Insurance: Should you buy it? I’ll cut to the chase and offer you two scenarios to…
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Federal Way based car, auto, home and umbrella Insurance agent defines Replacement Cost

Insurance Terms: Replacement Cost

Replacement Cost Replacement cost is the cost of replacing property without a reduction for depreciation due to normal wear and tear. Example: 10 years ago you paid $10,000 for a new roof on your home.  Suddenly a wind storm wipes out the majority of the shingles and leaves you needing a new roof.  With Replacement…
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Actual Cash Value

Insurance Terms: Actual Cash Value

Actual Cash Value: Actual Cash Value or ACV is repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost minus depreciation Principle of Indemnity: A general legal principle related to insurance that holds that the individual recovering under an insurance policy should be restored to the approximate financial…
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