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Re: Replacement of Existing

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Posted by tonyb on August 15, 2000 at 22:02:50:

In Reply to: Replacement of Existing posted by Chadan on August 14, 19100 at 12:25:03:

Loss of continuity is often considered as part of the overall loss in
order to make an insured whole. If you believe your loss includes a loss
of continuity to your property as a result of a covered occurrence, it
is you the policyholder who holds the authority to make that claim.
After you file your claim (please see
if necessary, you may wish to exercise your option of Appraisal as a means
to resolve the dispute.

As to whether insurance will pay for the full cost of replacement once the
amount of loss is established: there are usually qualifications to carry
insurance on a certain percentage of the full replacement cost of the structure,
or you may receive less than full cost of replacement. Also, replacement is
usually required before insurance owes the full cost of replacement. You can opt
for an actual cash value settlement by giving written notice.

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