Difference Between "Actual Cash Value" and "Replacement Cost Value" with Personal Property

Difference Between "Actual Cash Value" and "Replacement Cost Value" with Personal Property

To explain the difference we need to start out by explaining what each is separately. Replacement Cost Value “RCV” is a coverage that pays to purchase new at the current market value with no regards to depreciation. Actual Cash Value “ACV” is replacement cost value minus the depreciation. Depreciation is the decrease in adjusted value due to wear and tear or age. 

Self-Storage Units & Your Coverage

Self-Storage Units & Your Coverage

There are plenty of reasons to put some of your belongings into a storage unit. You could be moving, jumping into spring cleaning or just needing more room to keep your stuff. According to the Self-Storage Association, 1 out of every 10 households in America rents a storage unit. The options are numerous and you can find one that will meet your every need. When it comes to insuring your property at a self-storage facility let’s clear this up and make it very simple for you.

Outdoor Spring Home Maintenance Tips

Outdoor Spring Home Maintenance Tips

The weather is starting to turn and spring is upon us FINALLY. Its time to put the snow shovel and snow blower in storage get outside and take a look at how winter treated your home. On top of the inspection list is your roof and chimney. You don’t have to climb up there and check every inch, but you should walk around and to see if you view any problem areas. While walking around; other areas to keep an eye on are sagging or clogged gutters, broken or cracked siding, foundation cracks, low run off areas for down spouts, leaky exterior faucets, debris in the air conditioner and leaks/gaps around windows. Look for anything else out of the ordinary and be sure to keep a list of to do’s.

Will my auto policy cover my rental car?

Will my auto policy cover my rental car?

You book your flights, hotel and have a fun itinerary ready to go for a nice relaxing vacation. You add a rental car and start to wonder about all the questions they always ask you at the rental car counter. Do you want to add this coverage for more money? Or this coverage for more money and oh yea you can add this additional coverage for more money. Lets clear that up for you and allow you to answer the person behind the counter with confidence.

Does Your Roommate Need Renters Insurance Too?

Does Your Roommate Need Renters Insurance Too?

Let’s start by covering a little background on renters insurance.  Renters Insurance is very important and a must for anyone living in a rental.  A landlord will have insurance on their building, but your stuff inside the building is the problem.  The landlord has no insurable interest in your belongings, meaning their coverage would not cover any of your stuff.  Renters insurance is coverage for your personal property.  The limit amount depends on how much contents coverage you want covered or need. Another part to renters insurance is it provides personal liability coverage.  This would provide coverage if you are found liable with many situations.

When Saving Money is NOT a Value

The old saying “You get what you pay for” is universally used, yet when it comes to insurance many people shopping want the cheapest insurance. There are numerous factors that go into tailoring the right policy for each individual. A few important things to consider when looking are customer service, quality product and industry knowledge. When it comes to making a claim you will want to be on the phone working through the claim with our office and not waiting on hold hoping your not just another number to deal with. You don’t have to go insurance crazy and cover everything in your house right down to your underwear.  It is better to understand the limits and coverage’s that will protect you now and in the future.  Saving a little money upfront might cost you a lot more in the end.

If you would like to discuss any of your insurance needs and questions, please contact one of associates by calling 517-337-6000 or visiting our website www.hksagency.com.

Daylight Savings Time

Daylight Savings Time

Okay it is about that time of year, don’t forget to turn your clocks forward one hour before going to bed on Saturday, March 9, 2019.  And I know you have all heard it but don’t forget to test, check and change the batteries in your smoke detectors.  This is a very important thing because if your home catches fire it is the first line of defense to notify anyone in the home that there is a problem.  Smoke Alarms help to reduce fire deaths and injuries every day.