Inflation, inflation, inflation. The word that truly feels like the buzzword of 2022. Many consumers have had no claims or infractions in the past 12-24 months, yet they see their insurance rates increase. This is obviously frustrating and annoying. But why is it happening?
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At Armour Insurance we work with you to try and obtain insurance that will provide payment based on the replacement cost of damaged or stolen property. A Replacement Cost Policy compensates you for the actual cost of replacing your property. If your golf clubs are stolen, a replacement cost policy will reimburse you the full cost of replacing it with new golf clubs of like kind and quality without taking into consideration the fact that your clubs are four years old. In other words your settlement is not depreciated when you have replacement cost.