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Re: Replacement Cost Coverage vs. Actual Cash Value


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Posted by tonyb on August 21, 1998 at 13:32:38:

In Reply to: Replacement Cost Coverage vs. Actual Cash Value posted by sure-net.com 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:
: sure-net.com
: 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.

: Best regards,

: Tony Braga

To clarify: Only a covered loss will waive the
depreciation against the cost of replacement under
replacement cost covereage. Ordinary wear is not
deducted, provided coverage was adequate to meet the
minimum requirements.

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