Which one is best for your homeowner’s policy: ACV or RCV?

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Home insurance options in Salt Lake City Insurance policies are full of language and terms that may not be clear right off the bat. Many terms are specific to the industry and to the specific type of insurance that is being purchased. Having a local insurance agent for all of your insurance coverage allows you to chat about all the details with your agent so you completely understand your policy. If you haven’t done this, there are many potential claims where it’s easy to assume you have full coverage.

EXAMPLE: Your $4,000 couch was ruined in a home fire. After filing a claim, you might assume you will be fully reimbursed for your couch since you have a homeowner’s insurance policy. However, it depends what type of coverage you have.

There are two such terms on a homeowner’s insurance policy: Replacement Cost and Actual Cash Value. These terms can be a bit confusing to decipher between.

  • Replacement cost is very simple: Your insurance company literally reimburses you for the covered personal property lost based on replacement cost at the time of loss with no depreciation. Replacement cost policies tend to be a bit more expensive since you are essential getting a brand new item for one that may have otherwise depreciated. Replacement costs are agreed upon by all parties before the insurance policy is finalized. If you have high-ticket items (jewelry, art, RV, boat, luxury vehicle or classic car) this may be the best type of coverage if you can afford it.
  • Actual cash value is the cost to replace the item minus any depreciation. For your damaged couch, if you had an actual cash value policy, your insurance would pay out the cost of the couch minus any depreciation. Therefore, your couch is worth less than what you paid. An actual cash value policy can put you in a tight spot if your items cost more to replace or repair than your policy pays out.

No matter which policy type you choose, the local experts at Archibald Insurance Agency can answer any questions and walk you through the different types of scenarios to see which policy type is right for your situation. Our local insurance agency can guide you through your homeowner’s insurance policy and more, like auto insurance. Our years of insurance experience can save you a bundle, and we live right in your area, so we know firsthand what your insurance needs might be.

Simple Steps to Keep Your Jewelry Protected

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Insurance for your jewelry in Salt Lake City Jewelry is valuable not only because of its beauty, but the special meaning behind it. Does it represent 30 years of marriage? Was it passed down from a great grandmother? Was it given to you to celebrate a special moment? Between its sentimental value, as well as financial value, our local insurance agency wants you to be fully protected.

Anything can happen to your jewelry, whether it’s stolen, damaged or accidentally slips off your finger while swimming in the ocean. While memories of the jewelry itself cannot be replaced, a good insurance policy can provide financial protection to an unfortunate situation.

If you own jewelry that’s valued over $1,000, consider getting an insurance policy endorsement to insure its value.

Like other valuables coverage, insurance for your jewelry can simply be added to your home or renters insurance policy on something called a “floater.” It’s a simple insurance policy extension. A good policy will cover everything from theft and damage. The cost of coverage varies, typically $1 – $2 per $100 in value for a yearly policy. So, for a $5,000 ring, you’d expect to pay $50-$100. By calling Archibald Insurance, we will ensure we find the best coverage for your jewelry. We can also help answer any questions regarding ‘what if’ situations.

Here are some questions to discuss with our agents so you fully understand your insurance coverage.

  • If your jewelry is stolen, will you be reimbursed the full amount you paid? What happens if it was accidentally lost?
  • If your jewelry has appreciated over the course of owning it, will your insurance company honor its new value or what you paid for it?
  • What happens if you simply lost a small piece of your jewelry? Would you insurance cover the cost of replacing the stone?
  • Don’t forget to ask for discounts! If you plan to safely store your jewelry when you are not wearing it, you could qualify for a discount from some insurance companies.

While we hope you never have to experience an insurance claim for your jewelry, it’s always important to be prepared.

Items you need in case your jewelry is lost or stolen:

  • Original Receipt
  • An appraisal – if you don’t have the original receipt, at least have an appraisal.
  • GIA Certificate or similar reputable certificate
  • Take photos of all of your jewelry and store them on the cloud or a zip drive that’s stored in your safe.

Keep these items in a safety deposit box or safe in your home. If you’d like to know more about insuring your jewelry, contact an agent at our office. We’ll give you the best options for insuring your jewelry as well as answer any other questions you may have.

Consider This Before Jumping into Vacation Property Ownership

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Vacation Property Insurance in Salt Lake City Owning a secondary home or vacation property can be a rewarding experience and allow you to build so many memories! While owning a vacation home can have countless advantages, it does bring some unique responsibility and maintenance.

Regardless of whether you’re buying a cabin just a few miles away on the lake or an oceanfront condo in Hawaii, you’ll use twice per year, you’ll want to make sure your property remains adequately protected. Renting the property adds an entirely new level of complexity to secondary home ownership and yet a better reason to review your coverages with your licensed insurance agent.

Consider these items when talking to your agent:

  1. Will you need a separate insurance policy for your vacation property liability?
  2. What liability limits are adequate for a home that is vacant more often than is occupied?
  3. If you’ll be renting the property, consider purchasing additional liability limits as well as an umbrella insurance policy to protect you.
  4. Is your vacation home in an area that is affected by natural disasters such as forest fires, hurricanes, floods or earthquakes? You may need a separate additional policy for these.

Follow these insurance tips to reduce the risk of having a claim:

  1. Keep valuables out of your vacation home. Take them with you when you leave.
  2. Ask a neighbor to keep an eye out for any unusual activity at your home.
  3. Consider getting a video surveillance camera such as a Canary or Ring to alert you if someone enters your home. These do not require service contracts and alert you by phone.
  4. Keep your heater set to 60 to prevent any pipes from freezing.
  5. Turn off your water if you plan to leave for extended periods of time. This takes only a few seconds.
  6. Consider a management company if you want to rent the property. They will help keep an eye on things.
  7. Check for obvious liability concerns if you plan to rent the property such as rotten decking, trip hazards, or other deferred maintenance.

We wish you years of memories and relaxation with your secondary home or vacation property. When you’re ready to insure your property, give us a call.

Archibald Insurance Agency in Salt Lake City, UT is a different kind of insurance agency. We represent over 20 top-rated insurance companies to offer you comparative insurance quotes which means more coverage options, better pricing and flexibility.  Agency owner, Marc Archibald and his friendly and knowledgeable staff can quote your auto insurance, home insurance, business insurance & much more! With many payment options you’re sure to find the right company at the right price for your specific insurance needs! Both homeowners and auto insurance rates change, people change, situations change. Our goal is to be your preferred insurance agency for a lifetime.

Home Security on a Shoestring Budget

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Home Security Options in Salt Lake City Monthly bills can be daunting and for many, the choice of having food and shelter is more important than keeping burglars or robbers away from your home. However, when times are tough, the last thing you want to do is leave your valuables at risk of being stolen. Thanks to many modern security companies, keeping your home secured isn’t as expensive as it used to be. Consider these fun, techy options for home security on the cheap!

  1. SimpliSafe: Instead of paying an alarm company $1500 or having to sign up for a lengthy contract at $40 per month, SimpliSafe sells do-it-yourself home security systems starting at just $245. Safe a bundle by going for a refurbished system. 24/7 monitoring starts at $.50 per day at time of writing this. You can also use the alarm locally and not pay an activation fee.
  2. Canary: Canary is a great option for studio apartments, offices or other areas that are mainly one room. Canary is a small, all-in-one video device that detects motion and records video. It can send you text messages immediately and start recording when you’re away. If you want, you can call 911 or set off a local alarm to scare away any intruders. At just $149, it is a great do-it-yourself security option. Like the idea but have a bigger house? Canary offers additional camera options to add to your main device to monitory as many places as you’d like. They do offer a cloud based service to keep videos.
  3. Arlo: With wire-free cameras and weatherproof design, Arlo is a good option for securing the outdoor of your home or recording at night. With HD, night vision cameras, your home can stay secure day or night. You can even talk through them using the Arlo App! Receive alerts along with HD video right to your phone so you can review and take action if necessary. Another great option for the do-it-yourselfer who doesn’t want the monthly fees. Arlo comes with a free 7 day cloud storage.
  4. Ring: A video recording doorbell. Now that’s genius. Ring can record motion and you can talk to people through it like an intercom system even if you’re not away. Ring offers many options for security cameras beyond just the doorbell. Starting at $199 it is a great, simple security protection right at your front door.

Home security doesn’t have to be expensive. Utilizing technology and a little do-it-yourself ambition, you can secure your home and keep your valuables safe and secure.

If you are looking for great home insurance coverage, call us today or visit our website.

Choosing The Lowest Insurance Cost Likely Isn’t Your Best Plan

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Car Insurance in Salt Lake City We’re flooded daily with insurance commercials claiming that shopping with them will get you the lowest insurance premiums of any company out there. Saving money on your insurance is important, but the lowest insurance premiums are usually accompanied by the lowest insurance coverage.

Determining what insurance coverages you need is something that only a qualified local insurance agent can help you decide. We care more about you being covered adequately than simply giving you the cheapest premiums.

Do you need the auto insurance coverages below? Discuss with us & we’ll help determine what makes the most sense for your personal needs.

Collision Coverage: protection for your car from damage whether at-fault or not. Premiums weigh heavily on the value of your vehicle.

Comprehensive Coverage: pays for damage to your vehicle from things such as contact with an animal, fire, theft or vandalism.

Medical Payments: Commonly known as MedPay or PIP, this covers medical bills as a direct results of an accident regardless of fault.

Uninsured Motorist: Coverage for being involved with an uninsured driver. Both physical damage (your car) and bodily injury are offered.

Underinsured Motorist: Coverage to help cover a gap from a motorist who has insurance, but not enough to cover the loss.

When deciding on what coverage options to have, take these situations into account:

Scenario 1: You purchase a low cost, low coverage liability policy with only $25,000 in Property Damage. You rear-end a new, two week old Toyota Camry totaling the vehicle. The Camry’s replacement cost is $35,000. You have to pay $10,000 out of pocket.

Scenario 2: You are t-boned by an uninsured motorist and have extensive medical bills in excess of $50,000. You do not have uninsured motorist coverage or personal health insurance and your auto medical payments only cover the first $10,000. You have to take the uninsured driver to court to pay your $40,000 in medical bills, in the meantime, you’re responsible for the $40,000 in bills.

Regardless of whether you’re shopping for a new home, auto, boat or motorcycle insurance policy if you want the lowest insurance premiums you should be aware that you’re usually lowering the amount of insurance coverage you have. Depending on your situation, this may not be a wise decision because it puts your financial future at risk by carrying low limits. As always, reach out to our insurance agency with any questions.