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Replacement Cost Coverage vs. Actual Cash Value


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Posted by tonyb on August 20, 1998 at 16:50:45:

Subject:
Re: Damaged roof
Date:
Thu, 20 Aug 1998 19:36:17 +0000
From:
"" < >
Reply-To:

Organization:
tonyb
To:
Bordench@aol.com
References:
1


Bordench@aol.com wrote:
>
> I can see sunlight through my roof and a consultation with a licensed
> contractor advises me it will cost me $6300.00 to fix. The contractor
> also advised me the insurance company is liable for all or part
> ofthe damage which has occured over a period of 20 plus years.

Hi, do you have a question concerning actual cash value vs. replacement
cost coverage? If so, replacement cost coverage may very well cover the
cost of full replacement of your roof. However, there are usually
qualifications to carry insurance on a certain percentage of the full
replacement cost, or you may receive less than full 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.

Please see Rebuilding under replacement cost coverage


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