Fraud Prevention Tips: Protect yourself from fraud and scams by verifying that the person you are speaking with is a member of the Coastal Insurance team. Keep personally identifiable information confidential, monitor your accounts regularly, and only do business with trusted vendors. Use common sense and be cautious of urgency tactics. Scammers often pressure you to act immediately. If you believe you have been a target of fraud or misrepresentation, contact your home state's Department of Insurance Fraud, Waste, and Abuse hotline or report the incident to your local authorities.

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Depreciation

Depreciation (Glossary Word)

Diminishment in property value due to age and wear. This value discounting is taken into account when adjusting for property insurance that covers loss an actual cash value basis. That is, Actual Cash Value equals Replacement cost minus depreciation.


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