P2 Capital Insurance Brokers, Inc.

07/15/2023

Replacement Cost and Actual Cash Value:Insurance: Replacement Cost (RC) versus Actual Cash Value (ACV)
What is the Difference between Actual Cash Value vs. Replacement Cost?
Understanding the difference between replacement cost coverage and actual cash value can help you choose the right coverage for your needs.

One pays the current value, minus depreciation (ACV); the other pays the full cost to replace your property (RC)

What is an insurance deductible?
It is the amount of an insurance claim you're responsible for paying, your share of the loss.

What is replacement cost coverage?
Replacement cost coverage allows you to replace damaged or lost property with new items of similar kind and quality. It doesn't consider depreciation, so you receive the full cost to replace the item regardless of its age or condition, minus your deductible.

What is actual cash value coverage?
Actual cash value (ACV) coverage calculates your claim payout based on an item's original cost, minus depreciation. Depreciation is the decrease of an item’s value over time due to wear and tear. This means the payout you receive may be less than what it costs to replace that item with a brand-new one. It’s the most common payout method for personal property coverage.

How to decide?
Considering these factors can help you decide whether actual cash value or replacement cost coverage type is best for you: risk tolerance and your budget.
Risk tolerance. If you want more financial protection and are willing to pay extra for it, replacement cost coverage could save you thousands should you have to file a large claim.
Budget. If you want to save money on insurance, actual cash value coverage is usually cheaper. However, you may not get enough to buy new replacements for the belongings you lost, so balance the savings on your premium against what you’d have to pay out of pocket should you have to file a claim.

John Palla, MBA, President of P2 Capital Insurance Brokers, Inc.
We insure your: Business, Auto/fleet, Home, Health, and Life. Licensed in 27 States, and DC.
Phone: 312-600-7084 Email: [email protected]
Website: www.p2insurancebrokers.com

07/09/2023

Hello my friends, how are you doing?

06/18/2023

Are you paying too much for your business, home, or auto insurance? We will show you

06/18/2023

When you need insurance, you can call us to get it for you or you can spend hours chasing other companies that never answer/return your calls, you decide.

06/18/2023

Since the last report, P2 Capital Insurance Brokers is licensed in 28 states and DC!

06/18/2023

With the arrival of summer, graduations, and family reunion events held in public parks require liability insurance, did you know this? We are here to help, just call 312-600-7084 and ask for John, Larry, or the Agent on duty.

06/22/2020

You like to help people but prefer to set your own schedule, avoid rush hour traffic, idle talk, and are self-motivated? We are looking for Experienced Independent licensed insurance Agents. High Commission split, direct access to carriers with binding authority in most cases.
We hire in the following states: AZ, CO, FL, GA, IL, IN, MI, TX & VA

04/26/2020

We want to remind all our friends, clients, and their families that we support them during this difficult period.
We remain open during all this time, thanks to our cloud-based business model.
We will assist you in the best way we can.
Be safe.

02/01/2019

Did you know?

Know your numbers.

01/19/2019

Did you know you that you can buy health insurance after open enrollment ends if you meet certain conditions?
Events that permit an SEP include:

Loss of qualifying health coverage (Note: This SEP does not include loss of coverage due to nonpayment of premiums.)
Change in household size
Change in primary place of living that results in access to new QHPs
Change in eligibility for Marketplace coverage or help paying for coverage
Enrollment or plan error
Other situations and exceptional circumstances
Call us to find if you qualify.

10/30/2018

November 1 - December 15 Obamacare Open Enrollment. Don't be left out. Contact us.