Subject: Insurance
Author: John Ulrich
Date: Feb 13, 2004, 8:50 AM
Post ID: 1716033687
READ your policies,
Actual Cash Value = Insurance Company claims adjuster decides the value.
If you do not agree...legal or arbitration action.
Stated Amount or Stated Value = The Ins. Co. will pay the lessor of The
Stated Amount, or the cost to repair not to exceed the Stated Amount or
Actual Cash value.
BEWARE...many Agents do not realize Stated Value determines premium cost
not settlement amount at time of loss....Actual Cash value does!
Agreed Amount or Agreed Value = The Ins. Co. will pay the Agreed Value
or the cost to repair not to exceed the Agreed Value.
I'm paying $100 yr for an Agreed Value policy thru Hagerty Ins.
Later,
JU