October 27, 2013


Health Insurance Update. 
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In This Issue
Replacement Cost Coverage
Your Agent Steve Davis

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Columbia River Insurance Services is a professional agency dedicated to providing our clients with the best insurance protection and service possible. We will strive to use the industry's most superior products while maintaining affordability.


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Medicare Open Enrollment October 15 - December 7, 2013

The Medicare open enrollment period began October 15th and closes December 7th. This will be your chance to make changes to your health and prescription drug coverage for 2014.  Anyone wishing to change plans will have to do so during this period, as after December 7th, 2013 no plan changes will be allowed.


Advantages to Use a Certified Experienced Agent


Agents that sell Medicare Health Insurance products must have a national certification to even talk to you about Medicare Insurance; and they must go through training with each carrier they represent. It is always best to seek out an independent agent that represents many companies because independent agents offer more coverage choices for their clients.


Agents are paid directly by the insurance company therefore there is no additional cost to you. Also, the agent will be there for you when you have claim issues or questions regarding the insurance plan you have chosen.


Things to Remember During Open Enrollment 

  • Review your current plan to make sure it still fits your needs
  • Check out other options and plan design pricing
  • Are you planning any foreign travel? There are coverage limitations if you plan to travel outside the US.
  • To get Medicare drug coverage, you can join a stand-alone Part D plan at this time.
  • Under healthcare reform, exchanges have been established. These are not designed for Medicare participants. 

The Value of Replacement Cost Coverage


Most homeowners and businesses buy insurance to cover the repair/replacement of loss of damaged property. Generally speaking, insurance companies do a good job of managing claims and helping the owners get their property back to a pre-loss condition. One important part of the insurance process is to understand the difference between Replacement Cost (RC) and Actual Cash Value (ACV) coverage.


Let's start with definitions of each:


Replacement Cost

(as defined by the International Risk Management Institute)A property insurance term that refers to one of the two valuation methods for establishing the value of most of the insured property for purposes of determining the amount the insurer will pay in the event of loss. It is usually defined in the policy as the cost to replace the damaged property with materials of like kind and quality, without any deduction for depreciation.



Actual Cash Value 

(as defined by the International Risk Management Institute)
ACV is typically calculated  (1) the cost to repair or replace the damaged property, minus depreciation; (2) the damaged property's "fair market value".


The Value of Replacement Cost Coverage


When you suffer a loss of building or equipment you want to have the funds to replace it, as close to the actual item cost as possible. Replacement cost does that. This is especially true for companies that have expensive production equipment. We will always recommend replacement cost coverage.