Bankrate is always editorially independent.To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to stricteditorial integrity, this post may...
Homeowners insurance covers losses and damage to an owner's residence, furnishings, and other possessions, as well as providing liability protection..
Actual cash value (ACV) in homeowners insurance is one way to determine how much your property is worth. The actual cash value of your home or personal property is calculated by subtracting an amount for depreciation, deterioration, or obsolescence from the replacement cost. Depending on the ...
In this article, we will delve deeper into the concept of RCV on an insurance estimate, its importance, the factors that influence its calculation, and the benefits of including it in insurance policies. We will also discuss how RCV differs from ACV and how it is determined for specific prop...
After hitting deductible, medical costs will be split between you and the insurance provider. Copayments or copay is one of the ways to do this. Copayments have a flat rate depending on the specific service or prescription. For example, the flat rate for a check-up would be different from...
In some cases, the amount you still owe in car payments can exceed your car’s ACV. This is known as having negative equity or being upside down on your loan. Gap insurance, also sometimes called loan/lease payoff insurance, helps you pay off the loan in this situation. Remember, the ...
it also covers damage as a result of a hit-and-run. The payout is determined by your vehicle’sactual cash value(ACV) minus your deductible. Collision is one-half of what most insurance companies refer to as full coverage. Your lender will usually require collision and comprehensive coverage...
If the refrigerator is damaged and the homeowner must file an insurance claim, the homeowner will be reimbursed for theactual cash value(ACV) of the damaged or destroyed property. The ACV is calculated by taking the asset's replacement cost, which is the cost to replace the asset at its pr...
Homeowners insurance is a must if you have a mortgage. Here’s a guide to why you need homeowners insurance, and how it differs from other types of insurance.
(ACV). Depreciation is an accounting concept that spreads the value of an item over its expected useful lifetime. Insurance companies use a similar concept, but they approach the calculation differently from accountants. Insurance companies calculate depreciation based on the property’s condition when...