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Actual cash value and replacement cost are two insurance coverage concepts that are not fully understood by the general public. Read on for information on how these terms relate to auto and commercial insurance coverage.

Actual Cash Value

Actual cash value (ACV) is the monetary value assigned to property or the process by which that value is obtained. It is also defined as depreciation subtracted from the replacement cost. ACV policies are preferable in insurance coverage cases of appreciation rather than depreciation.

Replacement Cost

Replacement cost considers the initial value of the property upon purchase. The omission of deprecation allows more money to compensate for lost electronics and cars, making replacement cost policies great for home and auto insurance coverage.

Which Policy Is Best?

With homeowners insurance coverage, a replacement cost policy is usually ideal. When you are looking to replace belongings that were lost years after purchase, the items will have depreciated, making them nearly impossible to truly replace. For example, a flat screen smart TV that you purchased for $1000 years ago may only be worth a few hundred dollars now. Imagine searching for a similar TV today with $500 or less to spend.

Replacement cost policies also work well for auto insurance coverage. If your agent needs to find a replacement cost for your Honda that was new when you purchased it, then he or she might check the prices of similar Honda models that are new now.

Some things, like sports memorabilia and fine art, get better with time. If you own rare items for which a replacement cost would be difficult to find, consider an ACV policy. You can even insure your irreplaceable items with a separate ACV commercial insurance coverage floater that supplements your replacement cost homeowners insurance coverage.

In this day and age, it is still possible to encounter people who many misconceptions about obtaining basic insurance coverage. It doesn’t matter whether they own their house or not, these adults carry neither homeowner insurance or renters insurance coverage. If most states didn’t require auto insurance, they would probably drive uninsured as well.

Choices abound for consumers

The uninsured are usually concerned with how much insurance coverage they need and how much their monthly payments will cost. While many people still believe they have no choice in the matter, they are in fact sitting in “the drivers seat” when it comes to picking out their coverage. This is true of insurance policies purchased from independent insurance agents, as well as insurance companies who solely operate online.


Auto insurance

For that person who needs to pay a lower monthly premium, a higher deductible amount can be arranged. However should an unfortunate incident occur, you might have to pay for any damages later on. Conversely if one wishes to avoid out-of-pocket charges in advance, a higher monthly premium leaves you free from worry.


Your property is important

Having homeowner insurance is often a necessity, especially for those homeowners who are currently paying off a mortgage to a bank or other lending institution. In the event of damage or a burglary situation, renters insurance coverage will protect residents of apartment buildings too. Rest assured, that a full range of choices are always left up to the policy holder to decide.


Business insurance

Small business owners definitely need to insure their companies, in much the same way as their larger corporate counterparts. With business insurance, losses can be recovered quickly. No matter what your company sells or manufactures, gambling with your way of making a living is a dangerous thing to do.

An Occupation Can Affect Auto Insurance Premiums

Your occupation could affect the rate for your auto insurance coverage. There is published information about the risk factors that are associated with different occupations. Those auto accident statistics are used to determine the amount for an auto insurance premium. Some occupations are recognized as being associated with fewer auto accidents than other high-risk occupations because the employees will be exposed to fewer situations that could result in an accident.

Risk Factors

A professional truck driver will travel to various cities and could be exposed to dangerous driving conditions. There could be heavy rainstorms or icy snowstorms that may cause a vehicle to hydroplane or to slide across a roadway. The weather conditions will affect the risk factors. The number of miles that are driven each day are also important when determining the risk factors for being involved in an accident. A person who only drives 10 miles each week may not encounter very serious problems.

Insurance Premiums

An insurance premium is calculated for each driver. The amount of the premium should reflect the influence from the potential risks that may force an insurance company to pay an amount for a claim. A dangerous driving situation should have a higher risk factor. There should be a lower risk factor for safer driving conditions such as paved roads that have streetlights.

Information From an Insurance Agent

You should speak to your insurance agent when you change your occupation because you may be eligible for a lower monthly premium. Your auto insurance coverage would remain the same but would have a lower monthly cost. The published information about auto accident statistics is a business tool that can be used to control costs. You should stay informed about different insurance rates and purchase an auto insurance policy that will protect your personal assets.

Insuring Those Fun Times With Recreational Insurance

Recreational vehicles can be worthwhile investments for anyone who loves to explore the open road, have fun on challenging terrains, and spend entire days riding outside. There’s nothing quite like the thrill of riding on a vehicle with open sides, making for fun memories with friends and family. However, as fun as these “toys” may be, they don’t come without risk. Your exposure to liability is very real whether you, a friend, or family member were to cause an accident. This could result in spending a lot of out-of-pocket cash on damages other expenses that otherwise would have been covered by recreational insurance.


Even if you’re a safe driver whether you’re on a dirt bike or a golf cart, that doesn’t mean that other drivers are as well. To protect yourself from liability from an accident that could potentially put you in debt, dirt bike insurance, atv insurance, and golf cart insurance are all necessities. These policies provide you with insurance liability that protects you in the event of an accident, giving you peace of mind no matter who is driving your recreational vehicle around.


Playing on these outdoor “toys” can sure be a lot of fun during all months of the year, but it’s incredibly important to get yourself insurance liability coverage first. You’ll find that atv insurance, dirt bike insurance, and golf cart insurance are all very affordable, especially for the peace of mind that they offer. What’s even better is that you can choose the limits to your recreational insurance, so you can be in control of your policy. With this in place, the next time you take your sport car out you’ll know you have all the protection that you need.

Whether you are on your daily commute or during holiday travel, it is always a good idea to have a car emergency kit on hand. There are many different types of kits on the market that include many of the same types of emergency gear. There are also kits that include other items needed to deal with extreme hot and cold temperatures.


The most basic kits will often include a first aid kit to tend to any injuries if you sustain an accident. Your automobile insurance coverage may cover your medical bills, but a first aid kit will enable to you render immediate aid while you wait for help to arrive. Booster cables are also a necessity if you end up stranded somewhere with a dead battery. Regular automobile maintenance can help prevent mishaps like this from occurring, but it is always a good idea to have them just in case they are needed.


Kits that are designed for cold weather climates often come with items that can keep you warm, like gloves and blankets. Some kits for wet climates come with a rain poncho or tarp to keep things out of the rain. Another good holiday travel safety tip is to keep a bag of cat litter in the trunk of your car, as cat litter can be used for traction if your car gets stuck.


Road flares or other reflective devices are also standard inclusions in a car safety kit, so that other drivers on holiday travel will see you if you are stranded on the side of the road. Your automobile insurance coverage may come with roadside assistance, so if you’ve called a tow truck, these reflective devices will help the driver be able to locate you in the dark.


Another good holiday travel safety tip is to keep a bottle of water in your car with your safety kit. This could come in handy in the summer months and in hot climates. And, as always, keep your automobile maintenance up to date to lessen your chances of having a mishap on the road.

The holiday season is filled to the brink with shopping from Black Friday through Christmas Eve. Unfortunately, the holiday season is also ripe with identity theft. With all of that credit card swiping, it’s extra important to know the tips to protect your identity.

Pay With Cash

Card skimming is popular during the holidays and skimmers can be attached to credit card readers or ATMs. If you’re able to do some of your shopping with cash, that’s your safest bet. Go into your bank to withdraw money from the teller instead of using the ATM.

Use Your Credit Card

Instead of using your debit card for holiday shopping transactions, use your credit card. You’ll get more protection from your credit card and it won’t pull your own money straight from your account. Most credit cards have full protection from fraud so long as you report it within 90 days. Make sure to read your credit card guidelines carefully before starting your holiday shopping.

Shop Online Safely

Don’t shop online using a public WiFi network, like the one you’d use at a coffee shop. Criminals can access your credit card or bank information if you enter it online. This goes for the transactions you do on your laptop as well as those you do on your mobile devices, like your tablet or phone.

Freeze Your Card

If you think that you may have been hacked, call your credit card company or bank to freeze your card. Just make sure that your automatic payments won’t be affected, like your automobile insurance coverage or your homeowners insurance coverage. It’s a good idea to do all of your shopping with a separate card so that things like your automated utility payments and insurance coverage payments won’t bounce.

Understanding home fireplace safety is vitally important during the winter months to avoid dangerous situations that can occur. One of the most important ways to protect a family’s finances is having homeowner’s insurance coverage in case a catastrophic event does happen.

Fireplace Safety Tip One: A Yearly Inspection

At least once a year, a homeowner should have a fireplace and its chimney inspected by technicians. This service call includes having the interior of the chimney stack cleaned from top to bottom to remove greasy creosote that can lead to flames.

Fireplace Safety Tip Two: Protect Furniture and Carpets from Sparks

Protect furniture and carpets near the fire pit from sparks with a fireproof stone floor. Homeowners should also place a metal fire screen in front of the flames after the logs begin burning.

Fireplace Safety Tip Three: Understand How to Build a Fire

Make sure to understand how to build a fire properly with kindling wood before placing larger logs on top. Do not use chemicals such as gasoline to start a fire faster. Always check the fireplace’s damper to make sure it is open to permit smoke to escape.

Fireplace Safety Tip Four: Keep Children and Pets Away from the Fireplace

Teach children to stay away from a fireplace all of the time, and keep pets caged to avoid an accidental burn that can lead to a dangerous fire in a home.

Fireplace Safety Tip Five: Keep Clothing and Hair Away from Flames

While starting a fire, adding logs or cooking food, tie back long hair and roll up long sleeves to avoid catching these items on fire. Never leave a fire unattended to avoid accidental flames that can cause property damage, but if it does occur, then insurance coverage helps to pay for the repairs.


Riding a scooter is a great way for commuters to save a lot of extra money. Not only do scooters burn a lot less fuel, but scooter insurance is also cheaper than automotive insurance. However, you must take the necessary precautions while on the road. Here are a few safety tips for driving a scooter.


Take a Safety Course

Before climbing aboard a scooter, it is a good idea to take a safety course. The professionals will teach you the basic fundamentals of maneuvering a scooter. After taking the safety course, you will have a lot more confidence.


Always Wear the Proper Gear

Even if you only plan to drive a short distance, make it a priority to always wear a helmet. In the event that you are thrown to the ground, your head needs to remain protected at all times. Remember, a good helmet should fit comfortably without impairing your visibility. It is also advisable to wear some form of eye protection.


Never Ride Without Insurance

The Department of Transportation now requires scooters and mopeds to have insurance. Like traditional auto insurance coverage, scooter insurance is designed to protect you in the event of a crash. If your scooter is equipped with a powerful engine, you will likely be required to get motorcycle insurance.


Stay Alert

When traveling on a day-to-day basis, always stay focused on your surroundings. This is certainly one of the most important scooter driving tips.


Perform the Required Maintenance

Be sure to properly maintain your scooter. To ensure that the scooter handles well, check the tire pressure at least every other week. You also need to inspect your lights on a regular basis. If the brake pads are beginning to get low, replace them immediately.

If you have an ATV, then it is important to make sure that you have insurance coverage. Automobile insurance can help you save a lot of money if you get into an accident. In addition to having ATV insurance, there are a number of hunting safety tips that you will need to follow. Below is a list of ATV safety tips while hunting:

Wear A Helmet


You will need to make sure that you wear a helmet while you are driving an ATV. A helmet will cut your chances of suffering a serious head injury if you are involved in an accident while you are driving. Make sure that the helmet is the appropriate size.


Do Not Shoot From Your Vehicle


This is one of the most important ATV safety tips. Not only is it illegal to shoot from your ATV vehicle, but it can also be very dangerous. If you spot something that you want to shoot while driving your ATV, then you should put the vehicle in park and get out before you shoot.


Do Not Carry Your Gun


It is not a good idea to carry a gun while you are driving an ATV. The gun could accidentally fire while you are driving. Additionally, before you start driving your ATV, you should empty the magazines and remove the magazine clips from your gun.


Take A Safety Course


It is a good idea to take an ATV safety course. Many people find that learning how to drive an ATV is incredibly difficult. Experienced drivers are at the greatest risk for being involved in an ATV accident. That is why it is a good idea to take an ATV safety course.

Living near the ocean has its advantages and disadvantages. Perks include beautiful views of the sparkling ocean, calming sound of waves and the cool ocean breeze. One of the main disadvantages of living near the ocean is the acceleration of vehicle damage and corrosion. However, there are ways to protect your car from damage from living close to the ocean.




The closer your car is to the ocean, the higher the chances of having salt water spray blowing on it. Salt water is known to accelerate rust formation. There are two ways to minimize the amount of rust damage on your vehicle. You can either select a location that is at least 10 miles from the beach, or you can ensure your car is covered when parked near the beach. Most automobile insurance companies do not cover damage from corrosion. It is therefore better to prevent the damage as much as possible.


Salt and dew


Salt and dew are known to progression of corrosion on other vehicle parts such as bolts, nuts and brake calipers. People who live near the ocean will find they replace such parts more often than people who live far from the ocean. One of the ways you can prevent such damage is getting parts that are designed to withstand the effects of salt and dew. Take note that effects of the ocean on a car will be more during certain times of the year.


Paint loss


Coastal environments, in addition to corroded parts, affect a car’s paint. The combination of salt air and sun near a coast will destroy a vehicle’s finish. Prevention of paint loss can be achieved by ensuring the car is covered when not in use. It is prudent to get insurance coverage that includes compensation for damages resulting from living near the ocean.

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