How do I figure ACV for a contents personal property insurance claim?

Q. I just posted earlier. I have another question. I tried to complete some of this personal property inventory worksheet that Statefarm gave me....It asks me for Replacement Cost, and then asks me for Actual Cash Value. It seems I have to depreciate the item. How do I depreciate an item like my sofa?

A. You do not have to depreciate the items - they'll do it for you.

Original Question

After accident if damage is 20k over can a house be taken?

Q. Hi,

I am all for paying debts and will pay if need be. My question is that I have property insurance on the car for X and after my accident the damage came out to be X+20k. I am about to buy a house. Could the house be taken for the 20k? Or could I establish more of pay X amount until the whole thing is paid off? Or is it more likely that they would go after their insurance company for under-insured motorist?

Thanks
I live in MA

A. Yes, a lien could be put against the house, or more likely, your WAGES, for the additional amount of damages.

Yes, they'll file an underinsured motorist claim under their own policy, or even a collision claim (since underinsured motorist is for injury), but then their INSURANCE company will come after you to get the money back.

You can't get out of paying for your damages, by driving underinsured, and getting off the hook with no responsibility because the other guy carried adequate insurance limits. It doesn't work that way. One way or another, they'll get reimbursed.

Original Question

What Happens if i have a learner permit and driving with father(having license ) i damaged a private property?

Q. no one got any hurt and yeh we broke the fencing of the apartment area while taking reverse......small damage to vehicle ,scratches to vehicle and called police also called insurance agent? the question is that there is no INSURANCE of mine or my father the owner of car is my sister she is 19 yrs old ? how much insurance get increase and what are bad possibilites that can happen? i am resident of MASSCHUSETTS

A. Number one is that you will probably get charged with driving without valid public liability insurance. That's a serious charge. Don't worry about your sister's insurance. Worry about the licence you will not get and the heavy fine you will get.

Original Question

How much is homeowners insurance in IL for townhome that's not covered by the common insurance?

Q. I'm planning to purchase a townhome and the assessments does include common insurance. I've been told it doesn't protect any misc assets I have in my home in case a disaster occurs. I want to factor this into my monthly expense estimates. I'm looking for a purchase price at $200,000. How much should estimate for homeowners insurance? Is it a monthly and annual payment?

Thanks

A. You need to call an insurance company for quotes, start with your auto insurance company & go from there. There are many questions, what does the master policy cover? You would need to read the condo bylaws to find out. Does that policy cover everything attached to the unit or only to the studs? Does it cover anything that you add to or alter in the unit? So, you would purchase a condo policy (HO6 form), you would need to find out from the condo association what you actually need to cover. That would be the dwelling limit you need. Then you need to tell the insurance company how much contents coverage you want (if you had to replace everything you own), then get at least $500,000 liability, $5,000 medical payments & get $50,000 (or the company maximum) loss assessment (this covers if you are assessed for damages to common property - simplified definition - you would need to speak to an agent to explain it to you). You would also need to tell the agent the deductible you want (property coverage).
Good luck in your purchase but no one here can give you a quote.
Homeowners insurance is always an annual policy.

Original Question

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