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AUTOMOBILE   HOMEOWNERS   BUSINESS   TOWING   FARM

Well my house in _________________(Forrest City, Stuttgart, etc.) is very old, and I haven't replaced the roof in many years.  Perhaps the roof is the original in some cases.

This comes up occasionally and clients do and should select Actual Cash Value for their property valuation.   


Actual Cash Value definition  = you simply take into account depreciation in the event of a claim and payment is made.  Sounds simple, but some courts have interpreted "fair market value" which is the amount a buyer would pay a seller if neither were undue time contratints.  However, in most court cases in Arkansas the courts have upheld the insurance industry's definition:  the Cost to replace with new property of the like kind and quality less depreciation.


Replacement Cost = simply stated is the cost to repair or replace with like kind and quality.

As mentioned it doesn't fit every situation, but that's why MFS Insurance, Inc's position in the industry is unique.

As independent agents we have knowledge on many carriers.  Instead of a one size fits all approach taken by most direct insurers that have captive agents, we have the advantage of options when buying insurance.


Call our Forrest City, Stuttgart, Little Rock, Greenbrier, or Conway Arkansas office today to discuss your unique insurance needs.



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