What is Best Way to Handle an ACV Policy?

[fredbull337]

We dont do ACV policies. In fact when we get a referral and the house does not fit with any of our carriers and we have to resort to Citizens we try to send them back to the original referral source (ie State Farm). I think one of the most frustrating things about ACV is that its similar to flood in the fact that you talk to one person you get one answer, you talk to another person you get a completely different answer. Seems like nobody really knows what they are talking about.

I guess my question is two part:

1) what is the best explanation/definition of ACV on a homeowners policy that you have heard and what is the best way to come up with a Cov A amount?

2) Do you have any experience handling claims on these type of policies?

Any feedback you guys have (other than run the other way) would be appreciated. I do feel for people that are out of options but are constantly turned away because agencies dont want to take on the risk. I would like my office to feel more comfortable with the ACV polices so that when the situation does come up we can help instead of sending elsewhere.

 

[MGBAgency]

I know certain companies have ACV roof options. USAA. AAA. The basic example would just be explaining how depreciation works.

We dont do ACV policies. In fact when we get a referral and the house does not fit with any of our carriers and we have to resort to Citizens we try to send them back to the original referral source (ie State Farm). I think one of the most frustrating things about ACV is that its similar to flood in the fact that you talk to one person you get one answer, you talk to another person you get a completely different answer. Seems like nobody really knows what they are talking about.

I guess my question is two part:

1) what is the best explanation/definition of ACV on a homeowners policy that you have heard and what is the best way to come up with a Cov A amount?

2) Do you have any experience handling claims on these type of policies?

Any feedback you guys have (other than run the other way) would be appreciated. I do feel for people that are out of options but are constantly turned away because agencies dont want to take on the risk. I would like my office to feel more comfortable with the ACV polices so that when the situation does come up we can help instead of sending elsewhere.