HOMEOWNERS INSURANCE

An intense hailstorm hits the town of Freehold, New Jersey. Marks from the golf ball sized hail disfigure the roof. It comes to about $1,700 worth of damage which the company that provides your Homeowners Insurance promptly pays for.

However, you’ve stored several items in the attic in anticipation of your daughter taking them with her when she moves out. They’re severely damaged by the water leaks. The insurance company pays cash value for them which comes to about 10% of what it would cost to replace them.

That’s bad enough, but what if the damage were more serious?

Let’s say that you were the victim of water damage that rendered your lower-level carpeting completely useless. Would your Homeowners Insurance pay for that expensive carpet if you had a cash value instead of a replacement value payout?

Policies usually default to cash value. Here’s the difference:

• Actual Cash Value (ACV) – This pays out the cost minus depreciation which could make a stereo system you paid $1,000 for ten years ago be worth $150 today.
• Replacement Value – You receive what it costs to replace your damaged item with a new and comparable one. So, that $1,000 stereo would be replaced with a $1,000 one.

Our knowledgeable representatives at NorthEast Insurance Services will make sure you understand the outcome of your claim payout in the event of a loss, so you’re not startled in your time of need. We will work as your strong advocate by aligning your Homeowners Insurance with one of the many insurance carriers we represent.

Fill out the quote request form to get a FREE quote for Homeowners Insurance coverage in Freehold and all of New Jersey. The sooner we receive your information, the sooner we will get you the best protection you deserve. So, don’t delay another minute!