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Leesburg, Ohio | So, you all do understand that insurance is designed and priced to restore you to where you were, not to give you a "windfall" gain, right?
If your combine is 10 years old, and is destroyed, is the insurance company supposed to buy you a brand new combine? No, not unless you are paying for new replacement in your policy. They should pay you for the value of your 10 year old combine, not for the value of a new one.
Replacement cost policies are commonly offered on homes and buildings, but they carry a much higher premium, of course. | |
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Insurance Betterment
