What is the difference between Actual Cash Value (ACV) and Replacement Cost (RC)?
Actual Cash Value (ACV) pays for covered losses less depreciation vs Replacement Cost will pay to replace items.
EXAMPLE: A 3-year-old Samsung 65" TV was destroyed in a house fire; ACV will pay the "value" of a used 3-year-old Samsung 65" TV vs. RC will pay the purchase price of a new Samsung 65" TV
What is the difference between comprehensive and collision?
Comprehensive covers for animal strikes, hail, theft, vandalism, etc versus collision covers for motor vehicle accidents. Other than animal strikes and weather-related events typically comprehensive the vehicle is not in motion versus collision involves a vehicle in motion.
Am I required to provide workers compensation insurance?
In Missouri, if a business has 5 or more employees, yes you are required to provide workers compensation. Contractors are required to provide workers compensation if they have 1 or more employees (non-owner).
What determines the policy premiums (insurance rates)?
Value of insured item, type of coverage, deductible amount, credit score, claim history, driving record, criminal record, and geographic location can all affect your insurance score. The carrier company makes their risk determination based on any/all of these factors and then set your premium.