Insurance Matters: Actual Cash Value vs Replacement Cost

By H. Darrell Watson

How many of you have noticed that the cost of insurance is going up? When an insurance company takes a rate increase, many people go shopping. I shopped my auto insurance before I became an insurance agent, and I was shocked when the other company was so much cheaper than mine. It took me a minute to realize that the price was so much cheaper because the representative had reduced my liability limits from 100/300/100 to 25/50/25, the state minimum. Yes, I could save money, but I decided that the price was not worth the risk of lowering my liability limits.

What about Homeowner’s Insurance? I get mailings at least twice a week from companies who claim they can offer me Homeowner’s Insurance at a 50% discount from what I am currently paying. My company’s homeowner policies are Replacement Cost Policies. Basically, if my house were to be destroyed by a covered peril, they would cover my home value at 120% minus my deductible to rebuild and/or repair my structure. If a windstorm destroyed my roof, my company would replace my roof regardless of the age of the roof minus my deductible.

The reason why those other company’s homeowner’s rates are so low is because they have an Actual Cash Value when it comes to your roof. Let’s say that your roof is 10 years old, and you have a 20-year shingle. If a storm destroys your roof, this company will say to you, “Well, your roof was at half of its life, so we are going to pay you 50% of the value of your roof minus your deductible.” So, if it takes $20,000 to replace your roof, and you have a $2,000 deductible, your insurance company is going to pay $8,000, and you are out $12,000. How do those cheap homeowner’s premiums look to you now?

It is key to know what your auto liability limits are and know whether your homeowner’s policy is a Replacement Cost policy or an Actual Cash Value policy. Cheap insurance is cheap for a reason!

More information at 770-910-3399.

Fancy Feathers Continued from page 5

Feathers is always available to help with future needs. Fancy Feathers is a well-stocked outlet for pet birds or parrots and sells seeds, pellets, and mixes designed for the special needs of various pet birds and parrots, including medicine, vitamins, grit, cuttlebone, minerals, clay, charcoal, and probiotics. They also sell cages and toys at wholesale prices and even keep an updated list of veterinarians specializing in parrots, along with on-site groomers for a parrot’s grooming needs.

There is really no better place to go to learn about parrots, determine if you are ready to adopt one, and prepare for a lifetime of fun and companionship. The team at Fancy Feathers (Jack Bean, Irene Stovall, Kristina Barron, Sara Hines, Keaton Bowens, Jason Shepherd, Genesis Mares, Zamantha Mares, and a stream of volunteers) are always ready to answer your questions and see if a parrot is the right fit for an educated customer.

“We are here to help you find a forever family member,” said Brenda. “I love to watch as a new person falls into the love of parrots and I realize we are responsible for creating yet another bird lover.”

Groomer, educator, entertainer, trainer, and friend – Brenda with Jack and their team at Fancy Feathers and Parrot Productions are everything you need and more for your favorite feathery family members.

More information at www.fancyfeathersstore.com and parrotproshows.com or (770) 986-0661.

Run the Reagan in 2023!

By Kristen Eleveld

For nearly thirty years, the Gwinnett community has gathered together to support and participate in one of the most exciting events of the year: Run the Reagan, an event which features a half marathon, 10k and 5k races, and 1K fun run down Ronald Reagan Parkway. Run the Reagan will once again bring Gwinnett together on February 25th as 2,000 participants from all over the county race, cheer, and support local charities and businesses dedicated to giving back to their community.

“This race is a wonderful time to come together with people of all ages and backgrounds,” said Steve Ridley, a local teacher who also serves as a board member for Run the Reagan. “And it’s so much more than a race. We have a family fun zone, games, and live music, along with booths from vendors and local businesses.”

Sponsored by Piedmont Healthcare and many other local businesses over the last several years, Run the Reagan is designed for anyone who wants to participate. Whether you are trying to beat a personal best for your 5k time or just started running yesterday, there is a race for you at this event. And while you’re at it, you can even get a Peachtree Road Race qualifying time during your race. Those who want a longer distance might go for the half marathon, while others may opt for a shorter run or more leisurely pace. You can even sign up as a group on behalf of an organization or school and earn money back for every team member who signs up. And the race is just the beginning.

If you’re not a runner, that’s no problem – there is still plenty for you to do. Volunteers work to set up the race, hand out water bottles and snacks to runners, award medals to winners, and so much more. Many local organizations, like scout groups or drumlines, also wait along the race route to encourage runners and provide a fun, family-friendly atmosphere for everyone around. Local businesses and vendors set up booths for everyone to visit throughout the day. This event truly has everything,

Continued on page 22