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What is a Replacement Cost Estimate?A Replacement Cost Estimate (RCE) is an estimate of what it would cost today to rebuild or replace your insured home or buildings with materials of like kind and quality after a loss. An important distinction is that a RCE is not the market value of your property, what you…

A wind/hail deductible refers to the amount of money a policyholder agrees to pay out-of-pocket for a covered claim resulting from wind or hail damage. While all policies include a flat deductible for property damage caused by a covered peril, insurance companies now commonly use a percentage-based wind/hail deductible, particularly on farm policies.  These percentage-based…

Ordinance or Law Coverage Ordinance or Law coverage is an optional coverage endorsement that can help cover the cost of bringing a structure up to code in the event that it’s damaged by a covered peril. Even if your policy is settled on a Replacement Cost basis, the insurance company will only pay the cost…

The distinction between an Independent Contractor and an Employee hinges on several factors. If you have an Employer-Employee relationship, it makes no difference how it is labeled. The substance of the relationship, not the label, governs the worker’s status. It does not matter whether the individual is employed full time or part time. To determine…