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Something we want to keep you informed of is a change that several insurance providers are making, and it is something that we want you to be aware of in the months to come. Various insurance companies have begun to either switch or include actual cash value (ACV) policies in their roofing coverage terms. In the past, insurers would offer replacement cost policies when dealing with roofs and any accident that may befall them.

Basically the difference is this: a replacement cost policy would pay to fix or replace the roof without considering any depreciation, or wear and tear, that the roof may have already sustained previous to the hailstorm or falling tree or whatever incident may have occurred. An ACV policy will pay for the cost of the repairs or replacement minus any wear and tear that the roof already had.

Let’s put this into a scenario for you. Say your roof is eleven plus years old, and this spring a particularly bad storm rips through Franklin and drops quite a bit of hail on your house. A replacement cost policy would pay for the entire replacement of your roof, a hypothetical $10,000, without considering its age. An ACV policy would provide the coverage after deducting the value of the wear and tear of the roof, which we will say amounts to about $4,000. Your ACV policy would therefore provide you with the remaining $6,000 with which to replace or repair the roof.

These tongue-twister words and figures being tossed around can often be very confusing, especially for us, so we hope we have helped shed a little light on a hazy situation. Our number one goal is to be available to you, and we always want you to feel comfortable asking us questions or for more information. Stay tuned for more entertaining and informative blog posts!

By: Dominique Postma
FSI Intern

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Happy Valentines Day!

Whether it be flowers, chocolates, or jewelry, every woman wants to be treated to something special for Valentine’s Day. Maybe your special lady would like to be treated to a candlelit dinner at a local restaurant. Or maybe you’d like to send her a bouquet of a dozen red roses – always a classic! If you’re really wanting to earn points this year, check out Walton’s Antique Jewelry in Downtown Franklin. (www.waltonsjewelry.com) . The beautiful buy cheap viagra online estate pieces from Walton’s have been great hits for some of our staff on Valentines Day in the past.

What you definitely don’t want to leave her without is something that many will be dealing with as tornado season rapidly approaches: inadequate property insurance. As much as we hope that we will always come through every storm completely unscathed, that is not always the case. Preparation and proper coverage is the key to preparing for severe weather situations that may go awry.

We are here to help you and answer any questions or needs you may have regarding any insurance or claims related situations. No one wants to spend Valentine’s Day (or any day, really) in the doghouse, so we find that it is usually best to be safe rather than sorry. Keep a lookout for our next blog, which will be covering an issue that many people are finding themselves dealing with in the months to come.

Happy Valentine’s Day! And remember fella’s…if you forget to mark the day with something special, rest assured, your lady will never forget. Be prepared – and have the florist on speed dial!

Posted 11:50 AM  View Comments

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