FAQs

The amount of coverage you have on your dwelling or outbuilding will determine which type of policy you have and what coverages are available to you. You do not want to be underinsured in the event of a loss. If you have replacement cost coverage on your dwelling or outbuilding, you should be insured to 100% of the cost to replace that structure with like kind and quality materials. If your coverage is Actual Cash Value (ACV), the coverage amount will be determined by the classification of the structure. Your agent can help you determine what coverage is right for you.

Replacement Cost is the amount of coverage needed to replace your entire dwelling or outbuilding with like kind and quality materials. Replacement cost is determined by things such as square footage, style of construction, and cost of materials and labor in the specific zip code where the structure is located. Replacement cost is NOT the market value or the original cost to build the structure, nor is it necessarily equal to the outstanding balance of your mortgage. Not every dwelling or outbuilding qualifies for replacement cost.

Actual Cash Value is often referred to as “ACV.” Actual Cash Value is a method of valuing property based on the replacement less depreciation.

The fastest way to get you claim started is to contact your agent and file a claim report. Your agent has access to our claims reporting system 24 hours a day, 365 days a year.

We caution you to be aware of storm chasers and unfamiliar contractors who follow storm systems throughout the country and knock on doors to drum up business. If you have visible damage to your property, or a storm chaser knocks on your door telling you that they think you have damage and want to perform a “free” inspection, beware. We suggest you contact your agent to file a claim before you sign any agreements or contracts with a contractor you do not know. It is always best to do business with people you know and who are familiar with the local area and have excellent references. Good contractors do not need to go door-to-door drumming up business.

The best way to create a personal property inventory is to take photos or videos of each room. Open closet, cupboards, and drawers and photograph or video as you do. Once that is done, keep the photos or video on a thumb drive in a safe location off premises. If you prefer to do a written inventory, contact our office and we will send you a file where you can document and save your inventory.

Gillford Mutual offers several discounts on insurance premiums, such as Claim Free Discounts, Auto/Home Discounts, Security System Discounts and Loyalty Discounts. Contact you agent to see what discounts you may qualify for, or how you might be able to add them.