Insurance Explained: Know What You're Actually Buying

What is the difference between replacement cost and actual cash value? Replacement cost generally considers the cost to repair or replace covered property without deducting for depreciation, subject to the policy's terms and limits. Actual cash value (ACV) generally accounts for depreciation. That difference can have a significant impact after a covered loss.

Are hurricane and wind deductibles the same thing? Not necessarily. In Florida, a policy may have different deductibles depending on the type of loss and how the policy is written. Understanding which deductible applies, when it applies, and whether it is a percentage or dollar amount can make a major difference in your potential out-of-pocket cost.

What is an insurance endorsement? An endorsement changes or adds to the terms of an insurance policy. Depending on the policy and your needs, endorsements may add coverage, modify existing coverage or address a specific exposure. We help explain what an endorsement actually changes so you can decide whether it matters for your situation.

What does umbrella insurance do? Personal umbrella insurance can provide additional liability protection above certain underlying policies, subject to the umbrella policy's terms, limits and requirements. We help you understand where an umbrella may fit into your overall protection and what underlying coverage may be required.