“Insurance is not meant to profit the insured; it is meant to restore them.” This widely recognized principle raises a vital question for property owners: How much will your insurance actually pay to restore your property after a loss? The answer often hinges on whether your policy is based on actual cash value vs replacement cost (ACV vs. RCV)—a distinction that can significantly impact your recovery. According to the Insurance Information Institute, most homeowners misunderstand the distinctions between these terms until it’s too late—when they file a claim. Knowing the difference can significantly impact your ability to recover after property damage.  What Is Actual Cash Value vs. Replacement Cost in Property Insurance? ACV Meaning in Property Insurance Actual Cash Value reflects the current market value of your damaged property, considering depreciation. Depreciation accounts for the item’s wear and tear, age, and use. For example, if a ten-year-old roof sustains damage in a hurricane, an ACV insurer will calculate the payout based on what the roof is worth today—not what it costs to replace. If the roof cost $20,000 to install but is now worth $8,000 due to age and wear, your payout will be based on $8,000. You’ll likely need …

“Florida’s auto insurance premiums are among the highest in the country, averaging $2,208 per year.” This eye-popping stat highlights how important it is to understand Florida’s Personal Injury Protection (PIP) laws. These laws are the backbone of the state’s no-fault insurance system, designed to streamline medical payments and reduce litigation. However, navigating the nuances of PIP can be challenging, especially when dealing with claims or denials. Let’s break down what Florida’s PIP insurance laws mean for you, their benefits, recent legislative attempts to change them, and how they impact insurance claims. What Does No-Fault System Mean? Florida is one of only two states that require drivers to adhere to a no-fault auto insurance system. The term “no-fault” doesn’t mean no one is responsible for an accident. Instead, it ensures that drivers turn to their insurance policies to cover injuries regardless of who caused the crash. This structure is meant to expedite payments for medical expenses and reduce the need for litigation. Focusing on immediate medical coverage, the no-fault system aims to ensure accident victims get the care they need without lengthy court battles over fault. What are the Benefits of PIP Law in Florida? Florida’s PIP law is designed to …

The 2024 hurricane season was one for the record books. It brought destruction, record-breaking storms, and some stark lessons about preparedness and climate trends. For Floridians, who are no strangers to hurricane threats, this season was a chilling reminder that vigilance, preparation, and understanding our changing environment are more important than ever. The 2024 hurricane season produced 18 named storms, 11 hurricanes, and 5 major hurricanes, exceeding the historical average. It was a season marked by destruction and resilience. But what can we learn from it to better prepare for the future? In this blog, we’ll dive into the most important takeaways, explore the factors that fueled the season’s intensity, and discuss why these lessons are crucial for every Floridian. How Many Hurricanes Struck Florida in 2024? The 2024 hurricane season was not only active but also destructive. Florida experienced multiple direct impacts, with two major hurricanes making landfall and causing significant damage. The state endured high winds, catastrophic flooding, and widespread power outages. Thousands of residents were displaced, and communities from the Panhandle to the Keys are still recovering. In total, the season produced: 18 named storms. 11 hurricanes. 5 major hurricanes (Category 3 or higher). These numbers are …