Re: Replacement Cost Coverage vs. Actual Cash Value

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