A cool thing happened today. Any guesses who this is?

[shawnmwalker]

Join these studs in Ownership!

 

[Al3x Lee]

Join these studs in Ownership!

View attachment 10247

I want one, but I would smear my ugly all over your photo collage, ruining it for all of those gentlemen

 

[adjusterjack]

I was hoping he would move my house to ACV like my cars

You can buy ACV coverage on your house. Just buy a stand-alone dwelling fire policy along with a personal liability policy that will take care of your basic insurance needs.

As for ACV on a house vs ACV on a car, the difference is thus.

With a car the ACV is based on the current prices for a comparable car. Theoretically if your used car totals out at $20,000 you can buy a comparable year, make, model, mileage, for $20,000.

If your house costs $400,000 to rebuild as it was and you insured for its ACV of, say $350,000, you have to come up with $50,000 to rebuild it as it was, or build a smaller house for the $350,000.

 

[Allen Trent]

You can buy ACV coverage on your house. Just buy a stand-alone dwelling fire policy along with a personal liability policy that will take care of your basic insurance needs.

As for ACV on a house vs ACV on a car, the difference is thus.

With a car the ACV is based on the current prices for a comparable car. Theoretically if your used car totals out at $20,000 you can buy a comparable year, make, model, mileage, for $20,000.

If your house costs $400,000 to rebuild as it was and you insured for its ACV of, say $350,000, you have to come up with $50,000 to rebuild it as it was, or build a smaller house for the $350,000.

Isnt the real difference on acv & car insurance that non total car losses are fixed without application of depreciation to most repairs(ie body damage), but ACV on a house would only cover a portion of the partial damage after deduction for depreciation? In non total car losses, what items have a dedction for depreciation/betterment other than maybe tires.

 

[Allen Trent]

Tyler Asher, Safeco. I definitely didn't cheat by looking at your LinkedIn.

They write my homeowners and auto

In all due respect, he is technically with Liberty Mutual......lol

Also, I always laugh a bit about SAFECO as the S is the original meaning of SAFECO was "Selective", but today it seems like they will appoint anyone & anywhere, in any aggregator & almost any captive pc agents a carrier permits their agents to write other carriers. Seems a lot more like Progressive & many of the non standard carriers in regard to who they will appoint.

Also saw Liberty Mutual ended all their W2 employee captive agent sales offices & moved many of them into the independent agencies that Liberty actually directly owns, called Comparion Agency

 

[adjusterjack]

Isnt the real difference on acv & car insurance that non total car losses are fixed without application of depreciation to most repairs(ie body damage),In non total car losses, what items have a deduction for depreciation/betterment other than maybe tires.

That's how the policy is written.

LIMIT OF LIABILITY
A. Our limit of liability for loss will be the lesser of the:
1. Actual cash value of the stolen or damaged property; or
2. Amount necessary to repair or replace the property with other property of like kind and quality.
B. An adjustment for depreciation and physical condition will be made in determining actual cash value in the event of a total loss.
C. If a repair or replacement results in better than like kind or quality, we will not pay for the amount of the betterment.

ACV only applies to a total loss, not repair.

There are limitations on certain custom and after-market equipment, which you can find in your policy. Since betterment is not payable, I suppose a tire would be adjusted based on its condition though I could be wrong on that. Never had the issue come up.

but ACV on a house would only cover a portion of the partial damage after deduction for depreciation?

Very little depreciation is applied to structural damage because building components have a very long useful life. And with Replacement Cost policies, the ACV is only temporary until the repairs are completed and the insured submits the paid invoices and get the balance up to the amount actually paid. You can read about that in your own homeowners policy.

 

[Allen Trent]

That's how the policy is written.

LIMIT OF LIABILITY
A. Our limit of liability for loss will be the lesser of the:
1. Actual cash value of the stolen or damaged property; or
2. Amount necessary to repair or replace the property with other property of like kind and quality.
B. An adjustment for depreciation and physical condition will be made in determining actual cash value in the event of a total loss.
C. If a repair or replacement results in better than like kind or quality, we will not pay for the amount of the betterment.

ACV only applies to a total loss, not repair.

There are limitations on certain custom and after-market equipment, which you can find in your policy. Since betterment is not payable, I suppose a tire would be adjusted based on its condition though I could be wrong on that. Never had the issue come up.



Very little depreciation is applied to structural damage because building components have a very long useful life. And with Replacement Cost policies, the ACV is only temporary until the repairs are completed and the insured submits the paid invoices and get the balance up to the amount actually paid. You can read about that in your own homeowners policy.

So, you originally said to Alex that he could put ACV on his house by putting just a dwelling fire ACV policy in place. In your experience on that type of policy & coverage, if his 30 year old roof is damaged by wind & the roof costs 25k to fully replace, are you saying the carrier wont deduct for depreciation on the roof on an ACV policy?

BTW, lots of home carriers are now putting ACV roof endorsements on policies because of the massive losses & storm chasing roofing companies turning mild hail storms into massive Cat losses getting new roofs on houses that should have had a new roof 5-15 years ago

 

[shawnmwalker]

I want one, but I would smear my ugly all over your photo collage, ruining it for all of those gentlemen

Are you kidding me, most of those guys are hideous!

 

[Al3x Lee]

Are you kidding me, most of those guys are hideous!

It was a test, you passed. How do I get my hands on one?

 

[shawnmwalker]

It was a test, you passed. How do I get my hands on one?

DM me address and shirt size!