Replacement Cost or Actual Cash – Understanding Insurance For Your Valuables

id-10075860There are two types of coverage for your personal property – Replacement Cost and Actual Cash Value. If your TV is destroyed in a fire and you have a Replacement Cost Policy the insurance company pays to repair or replace your TV with a new set similar to the damaged one. If you have an Actual Cash Value policy, the insurance company pays to replace your TV based on what they determine the value to be minus depreciation.

For very expensive items, like jewelry, diamonds, art work, etc. you will need to purchase extra coverage, which is called an Endorsement. Your Homeowners Insurance may exclude coverage on certain items like fine art collections. When you purchase something new and your not sure, call your Insurance Agent to get advice on what type of coverage you need.

Keeping inventory updated is important. To make it easier for your insurance company to pay your claim, have photos and/or a video of the contents of your home. Keep receipts of new items as they are purchased. Make copies of the receipts as well as the serial numbers of your property and keep them in a safety deposit box, online, or with a family member for safe keeping.

Do all you can to keep your property safe from fire, damage, and burglary. Smoke detectors, maintaining your electrical system in your home, deadbolt locks and burglar alarms are some ways to protect your property. For doing all you can to protect your property, you may be eligible for a discount on your Homeowners Insurance.

Have questions? Contact us today.





Photo Courtesy of Vichaya Kiatying-Angsulee at

Finding a Homeowner Insurance Policy that will meet your budget!

ahouse copyOver the past 7 years while Florida has been hurricane and basically natural disaster free, home insurance rates have gone up and in 2013 are expected to rise more.

The competition for homeowners insurance is big, and we at Budget Bi Rite want you to be able to get the savings, and the best policy for your property.

We have now included Citizens Insurance Property Insurance Corp on our list of agencies to better serve you.  Citizens Insurance is for homeowners who through various situations could not be insured by a private insurance company. If  you for any reason you are having a hard time finding insurance for a price that will meet your budget or are not able to obtain insurance, give us a call today to get your questions answered. 863-453-3903

or visit our website fill out the form and we will have an agent contact you within 24 hours.

 We find insurance that meets every budget!

Ask us about deductibles as low as $100.00.

Ashley Bishop Owner/Agent

Budget Bi Rite Insurance, Inc

Serving All of Florida