replacement cost News

The Simple Reason Homeowners’ Customers Need Replacement Cost

I’ve been thinking a lot about homeowners’ insurance lately. That might be because I’m in the middle of the BPIC (Basic Personal Insurance Course) and the last two sessions have been focused on homeowners’ insurance. It may also be that …

Americans Put Too Much Faith in Homeowners Insurance

Too few Americans take steps to prepare for disasters and too many assume their home insurance policies will bail them out if one strikes. As disaster season peaks, a new national consumer survey commissioned by Trusted Choice and the Independent …

Insurance Rules For Valuing Damaged Or Destroyed Property

Replacement cost does not mean what the client believes or has been told. Insureds assume replacement cost translates into new stuff for old junk – because agents have told them that’s how it works. Well, to be fair this is …

5 Most Misunderstood Homeowners’ Coverage Concepts

Many are unaware that the Academy of Insurance has four “skills tests” available. Of the four, the personal lines skills test has proven to be the most popular. Here is a link to all four tests. From the beginning we …

Florida Supreme Court Rules Replacement Cost Includes Contractor’s Profit

Florida’s high court has ruled that insurers under a 2008 law must pay a contractor’s overhead and profit as part of the expense of repairing a homeowner’s property despite the fact the repairs may not have been made. The Florida …

Florida’s Citizens, Regulators Agree to Restrict Eligibility for New HO-8 Policies

Florida’s state-backed property insurer and state regulators have cleared the path for the insurer to begin issuing a new HO-8 policy by limiting it to low-value older homes, addressing concerns that the policies’ low rates could lead to a potential …

Claims Valued At $35M Filed Over Reno Wildfires

About 1,100 claims valued at $35 million have been filed as a result of two major wildfires around Reno in recent months, according to insurance carrier reports. The Nov. 18 Caughlin Ranch Fire burned nearly 1,900 acres and destroyed 26 …