Category: Home Insurance

Deciphering Home Insurance: Replacement Cost vs Actual Cash Value

At Advantage Service Insurance, situated in Erie, CO, we acknowledge that insurance terminology might seem confusing. We aim to simplify things for you. In this context, we’ll explain the concept of replacement cost vs. actual cash value as it applies to a home insurance policy.

Understanding Replacement Cost Value

Replacement cost value (RCV) refers to the cost incurred in replacing your damaged or stolen property without accounting for depreciation. If such a situation arises, your insurer compensates you for the entire cost of replacing the damaged property at the current market rate. For instance, if a burglar steals your television and stereo system, your insurance company will pay for brand-new replacements of the same brands as those stolen.

Therefore, RCV offers a more comprehensive coverage and typically demands higher premiums than ACV.

Exploring Actual Cash Value

Actual cash value (ACV) is the amount paid by your insurance company to replace damaged or stolen property minus the depreciation at the time of the loss. For instance, if a house fire destroys your couch, and your policy is set to settle your claim on an ACV basis, you’ll receive reduced compensation owing to the age and condition of the furniture. While ACV doesn’t offer as much for a claim as compared to RCV, the premiums tend to be more affordable.

Making the Right Choice for Your Home Insurance

Our team at Advantage Service Insurance in Erie, CO, is eager to help you choose the most suitable coverage for your home insurance. We can compare rates and coverages so you can make a well-informed decision. Call us today at (303) 500-5020.

Owning a home in the Erie, CO area is a great idea for many people. If you are looking for a long-term investment and a consistent place to live, owning a home can help meet your needs. When you buy a home, getting insurance for it is very important. There is a lot of value that comes with a home insurance plan in this area. 

Ensure Property is Covered

A reason to always have a home insurance plan in this part of Colorado is to ensure your property is covered. If you are going to buy a home here, you will be making a major long-term purchase and investment. If you are not insured, the repair cost following a fire or other incident can be significant. Home insurance helps to offset this concern. 

Liability Coverage

A home insurance plan also gives some liability coverage. Many liability risks come along with owning and living in a home. If you are liable for an accident on your property, you may need to cover the damages. If you are insured with a home insurance plan, you will get some liability insurance that will help cover such liability claims. 

There will always be advantages to having a full home insurance policy in the Erie, CO area. Once you are ready to start shopping for a new plan here, you can call our team at Advantage Service Insurance to discuss your needs. When you call us at Advantage Service Insurance, you can get the help needed to build a new plan and evaluate your options. This can help ensure you select the right plan for your situation. 

Traveling in an RV can be a fantastic experience. That’s true whether it’s your full-time home, or whether you only use it for the summer months. If you’re in the Erie, CO area and looking for RV insurance, Advantage Service Insurance is here to help. We understand that protecting your rolling home is very important, and you need trusted guidance to find the right policy for your needs.

Like a car or truck, an RV needs basic liability coverage to operate on the road legally. That coverage helps protect you and your passengers and offers protection for another driver and their passengers if you’re involved in an accident. While this coverage is vital, you may also want additional protection in the form of comprehensive and collision coverage.

If you only use your RV for a few months out of the year and store it the rest of the time, finding the right coverage will be more accessible by working with an agent. You may not need the same type of policy or coverage level when the RV isn’t being driven, but you still want to ensure the proper protection against loss during that time in case of fire, theft, or other risks.

You don’t have to settle for a policy you’re unsure about when you can get the help and information you’re looking for from a trusted professional. Contact us at Advantage Service Insurance today if you’re looking for RV insurance in the Erie, CO area. Our dedicated agents understand that there’s a lot to consider when it comes to getting quality coverage, and we want to make sure you can enjoy your RV anytime you want, with plenty of peace of mind.

Winters can be cold in the Erie, CO area, and making sure your home is ready for it is important. With more than 25 years of experience, Advantage Service Insurance can provide your home with the protection it needs. 

Tips for getting your home ready for winter 

Check your smoke detectors 

In the winter, everyone spends more time indoors. Making sure that your smoke and carbon monoxide detectors are working can help to keep you, and your family safe. 

Get your furnace cleaned

Getting your furnace cleaned and tuned up is an important task to get done before the winter arrives. It will work more efficiently and it is always better to have any little issues cleared up before the freezing cold weather arrives. 

Chimney cleaning 

If you have a fireplace and you use it, cleaning your chimney should be part of getting your home ready for winter.  Chimney fires are a danger that is avoidable. 

Check for drafts

Having a tube of caulk can help the cold winds from whistling through your home. Check the windows and doors to make sure they fit tightly. Drafts can cause you to use more fuel, which is never a good thing. 

Test run your snowblower

Take a test run with your snow blower to make sure that it is still in tip-top shape. Bring it in for a tune-up if needed. 

Check your winter supplies

Having sand and salt on hand to treat any walkways that you have can help you avoid a slip-and-fall accident. Know where your snow shovels are and have them in an easily accessible location.

If you haven’t cleaned out the gutters, it needs to be done so, any winter rain can flow freely and not cause your downspouts to back up and damage your roof. 

Get or Update Your Home Insurance Policy

You will want to make sure your home insurance is up to date before winter arrives. Contact Advantage Service Insurance in Erie, CO for all your home insurance needs. 

 

Whether you’re a first-time homeowner or a seasoned veteran, home insurance in Erie, CO is the best way to protect your life’s most valuable investment. The experts at Advantage Service Insurance are here to help if you need questions answered about the right home insurance policy for you. 

While there is no state law or mandate that requires Colorado homeowners to maintain a home insurance policy, most lenders do require it as part of the terms of the loan. If you have a mortgage and worked with a lender to secure a loan to purchase your home, they most likely require insurance. 

More than that, home insurance is one of the biggest common sense investments you can make as a homeowner. You pinched pennies and worked so hard to build savings for the down payment on the home of your dreams. Why wouldn’t you ensure that your investment is properly protected from anything that could happen?

The financial aspect of home insurance alone is reason enough to maintain a policy. Homeowner’s insurance coverage can save you from financial hardship or ruin in the event that your personal property is stolen, your home is damaged in a natural disaster or dangerous weather. 

We get our fair share of weather here in Erie, CO and investing in an insurance policy with substantial coverage to protect the home where your family lives is a no-brainer. Contact Advantage Service Insurance for guidance in selecting the plan that’s best for you. Our team of agents are well experienced in guiding families through the process with ease and providing the peace of mind that their personal belongings, property, and family are all safe when they do business with us. 

Your home in Erie, CO is one of your biggest investments. Not only does a substantial portion of your income go towards the upkeep of your residence, but your home is also a safe place for you and the family. There is little worse than experiencing an incident that threatens the comfort of your safe place. The Advantage Service Insurance agents can help you determine how much home insurance is needed to get you back on your feet when the unimaginable becomes your reality. 

Why is home insurance necessary?

There is no state law requiring you to show proof of home insurance. However, those with mortgages may find their loan carrier requires home insurance that, at a minimum, protects the structure. You may consider buying more insurance if you have personal assets in need of protection. 

Some do not see the urgency of having home insurance. It is important to understand the financial grievance that comes when you do not have a good policy. You are financially responsible for all damages and injuries involving your home, regardless of whether you have an indemnity plan. 

Some incidents cost thousands to correct, which means you must find a way to pay for expenses out-of-pocket. Many homeowners cannot afford to pay for relocation and repairs after an incident. Home insurance can help relieve the financial burden during times of distress. 

How much home insurance do you need?

The amount of home insurance you need largely depends on your lifestyle preferences and how much you are willing to pay in monthly premiums. You may find that more expensive premiums lead to more coverage in an incident. Meanwhile, those who choose to pay less in monthly payments may need to set aside more events. 

The agents at Advantage Service Insurance can help you craft the ideal home insurance plan for your house in Erie, CO. Call today to get started with a quote!

The excitement for first-time homebuyers can be one of the best when celebrating a critical achievement and starting the path to building wealth with a real estate investment.  This accomplishment should be enjoyable, and your new home should be a big reason to celebrate. Your selection for homeowners’ insurance is probably part of the process, and this should be a simple step. Advantage Service Insurance and our agents in Erie, CO would be proud to help you with this part of becoming a first-time homeowner. With smart planning, getting ready to move is the next big step as you prepare to move into your new home.

Preparation is vital for moving into a new home. Deciding which belongings will go in each area of the house can be fun and enjoyable. Smart planning can also make unpacking more manageable, so you find yourself with less work to do when the time comes. Labeling your boxes and categorizing what goes in each can make the process easy and allow you to plan out which box goes to which room. This also comes in handy when you want to unpack certain things, such as your kitchen, first.

There are probably several things you want to do as you arrive at your new place. Unloading everything can be easier when you walk through the planning a few times. Also, know that your homeowner’s insurance was carefully selected and handled with the help of agents from a reliable insurance agency. Contact Advantage Service Insurance in Erie, CO for more information or to get a customized quote.