My neighbor’s kitchen caught fire. Their insurance company put in an entire new kitchen in their house. Is that right?
Total Comments: 4
Posted: Tue Feb 15, 2011 09:18 pm Post Subject:
If you neighbor had replacement cost coverage, then their insurance company did exactly what they were obligated to do – replace the damaged property.
Posted: Wed Feb 16, 2011 12:34 pm Post Subject:
True. Replacement cost coverage bears the cost to replace your property with similar items. It doesn't deduct anything for depreciation. It's certainly a good thing for the policy owner.
Posted: Thu Feb 17, 2011 04:13 am Post Subject: kitchen fire
What about cleaning contents-- Replacement of content --pack out--living expense--smoke damage to the rest of the house.--and more. Check out this website claimsconsultingllc.com
Posted: Thu Feb 17, 2011 08:46 am Post Subject:
Replacement cost coverage is better than a replacement of the actual cost. Actual cost replacement coverage will reimburse you with an amount equivalent to what your actual cost was when you purchased it. On the other hand, replacement cost coverage will cover you for the current cost of the item.
Posted: Tue Feb 15, 2011 09:18 pm Post Subject:
If you neighbor had replacement cost coverage, then their insurance company did exactly what they were obligated to do – replace the damaged property.
Posted: Wed Feb 16, 2011 12:34 pm Post Subject:
True. Replacement cost coverage bears the cost to replace your property with similar items. It doesn't deduct anything for depreciation. It's certainly a good thing for the policy owner.
Posted: Thu Feb 17, 2011 04:13 am Post Subject: kitchen fire
What about cleaning contents-- Replacement of content --pack out--living expense--smoke damage to the rest of the house.--and more. Check out this website claimsconsultingllc.com
Posted: Thu Feb 17, 2011 08:46 am Post Subject:
Replacement cost coverage is better than a replacement of the actual cost. Actual cost replacement coverage will reimburse you with an amount equivalent to what your actual cost was when you purchased it. On the other hand, replacement cost coverage will cover you for the current cost of the item.
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