May 14, 2018
With ACV coverage, after a partial claim you will receive exactly what you had at the time of loss. For example, 30 year old kitchen cupboards […]
With ACV coverage, after a partial claim you will receive exactly what you had at the time of loss. For example, 30 year old kitchen cupboards would be replaced with the value of 30 year old kitchen cupboards. Any claim would be depreciated.
After a total loss, you will receive the insurance amount or the market value of the building, whichever is less. Customers are usually not very happy after a claim with this type of coverage, but it can be a way to provide catastrophic coverage for an investment property that might not be worth having a great deal of coverage on.
May 14, 2018
With Functional Replacement Cost, after a partial claim you will receive today’s building materials. For example, plaster walls might be replaced with drywall. Or, individually hand-laid […]
May 14, 2018
To receive the best claims settlement, you will want to insure your building for the cost of rebuilding an identical structure. There are two types of […]