Insurance options to choose from
1. Limited liability:
This option is free of charge and is the standard insurance option in the industry. This insurance covers property at 60 cents per pound or the cost of repair, whichever is less.
2. Actual cash value protection:
Property is covered for repair, replacement, or reimbursement, whichever is less. This is based on the depreciated value (which is based on the age and condition of the item). There is a $250 deductible for this coverage and it’s an extra $1 per declared $100 of coverage, up to a $20,000 maximum.
3. Replacement cost protection:
Property is covered up to the total value declared, up to a $20,000 maximum. Any damaged item is repaired or replaced with a new item, whichever is less. No depreciation is applied to the item if it can’t be repaired. There’s at $250 deductible for this coverage and it’s an extra $1.50 per declare $100 of coverage.