by jim_1 » Sat Oct 09, 2010 07:57 pm
"buildings covered at replacement cost without deduction for depreciation, subject to the following...we will pay no more than the ACV until actual repair or replacement is complete." After my fire claim, they are depreciating the dwelling; is this correct and how to a get the depreciated money?
Posted: Sun Oct 10, 2010 12:54 pm Post Subject:
[quote]After my fire claim, they are depreciating the dwelling; is this correct and how to a get the depreciated money?]/quote]
Yes, it's entirely correct. The way to understand this is: If you were to walk away from the building, the amount of money they are offering today satisfies the insurance company's obligation under the contract. You would have all you are entitled to at that point.
But, with that same amount of money, you can begin making the necessary repairs and have the additional cost to restore the building reimbursed by the insurance company, up to your policy limit.
The choice is yours.
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