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Insurance Talk

Flood Damage

Flood Contents Claim- Is what you file with the insurance company when your property is damaged from a covered loss.

Covered loss.  A flood claim will only be considered if you purchased contents coverage for a flood. A flood means tidal or rising water has affected 2 or more acres or 2 or more properties. Flood insurance has to be purchased separately from a Homeowners policy. 

Contents- Are your personal belongings that you purchased, clothes, furniture, books, bedding, food etc…    ATV’s, motor bikes etc.. are not covered items unless they are used to maintain the property.

Contents Inventory- Anytime you file a claim of your personal belongings, the insurance company will require an accurate itemized inventory of the damaged items in order to collect $ for items claimed.

Declaration Page- (Dec Page). Shows your coverage limits, endorsements and deductibles. 

Deductible- A $ amount listed on your Dec Page that will be deducted from the total amount of your claim. There is usually a fixed deductible for most policies.

Depreciation- All items claimed are usually depreciated because of age, wear and tear and the normal life expectancy of particular items.

ACV- Actual Cost Value. Once depreciation has been calculated and applied, it reduces the amount of what it takes to actually replace the item. The insurance company only owes you the ACV until you actually replace the item and provide documentation (receipt) that you actually replaced the damaged item. Then the insurance company will release the amount that was depreciated/held back.

RCV- Replacement Cost Value- Is the total amount of cost to replace any particular item of same, like and kind of quality & total costs combined not to exceed the policy limit coverage. You need to submit the receipt to the insurance company to verify the item was actually replaced.

Flood Damage