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The coverage amounts where replacement cost can apply, dwelling, other structures and personal property coverage, are determined by you and your insurance company.
Personal property is a standard coverage on a homeowners insurance policy. It covers belongings like furniture and clothing, paying up to a certain limit if they are stolen or damaged by a covered ...
For dwelling and personal property coverage, either replacement cost or actual cash value applies. With replacement cost value, the home or personal property would be covered for the cost to ...
Designed to span the gap between the coverage provided by the blanket policy written for the entire neighborhood or building and the personal property inside the home. The condominium association's by-laws may determine the total amount of insurance necessary. E.g., in Florida, the scope of coverage is prescribed by statute – 718.111(11)(f). [14]
Replacement cost coverage is designed so the policy holder will not have to spend more money to get a similar new item and that the insurance company does not pay for intangibles. [4] For example: when a television is covered by a replacement cost value policy, the cost of a similar television which can be purchased today determines the ...
In the property and casualty insurance industry, actual cash value (ACV) is a method of valuing insured property, or the value computed by that method. Actual cash value (ACV) is not equal to replacement cost value (RCV). Actual cash value is computed by subtracting depreciation from replacement cost. [1]
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