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If you’re trying to estimate replacement cost value, a general formula for calculating your home’s replacement cost is: Square footage of your home x square foot cost to rebuild a home in your area. If you’re wondering if you have enough coverage, call Progressive at 1-866-749-7436 and we can help estimate your home's replacement cost value.
Agreed value is an insurance term you'll encounter while shopping for classic car insurance. It refers to the value of your collector car as you and your insurer agreed upon. If your car is totaled, you'll receive a claim payout equal to your car's agreed value, minus any deductible. In contrast, a typical auto insurance policy only insures ...
Personal property losses are repaid based on the replacement cost for the item, instead of the actual cash value. You’ll have higher coverage limits and less restrictions on perils. Learn about the difference between replacement cost vs. actual cash value. HO-3 vs HO-5
Many insurers allow you to purchase replacement cost value (RCV) coverage for an additional cost. RCV covers the value of your item without factoring in depreciation. Learn more about actual cash value vs. replacement cost. Many standard policies set your personal property coverage limit at 50% of your dwelling coverage, which protects the ...
Because everyone else in the area is also trying to rebuild, construction costs go up dramatically. Your contractor estimates it will cost $350,000 to rebuild your home, leaving you with a $50,000 bill to cover. If you have a 25% extended replacement endorsement on your policy, your dwelling coverage would extend up to $375,000, covering the ...
Generally, a vehicle is a total loss when the cost to return it to its pre-loss condition is greater than the value of the vehicle. And, in some states, a vehicle may be a total loss if the repair costs would exceed a percentage (e.g., 80%) of the vehicle’s value. To determine the vehicle’s value, and in accordance with any applicable state ...
The sum of the value of all your items is how much coverage you need. Often, the amount of personal property coverage is determined by using 50% of your dwelling coverage limit. For example, if your dwelling coverage is $400,000, you'll have $200,000 in personal property coverage. If you feel like this isn't enough coverage (perhaps your home ...
There are two types of loss settlements for your personal property: replacement cost and actual cash value. Replacement costs cover the item as new at the time of the claim. Actual cash value means the replacement cost of the item minus depreciation. Learn how insurance covers fire damage and how insurance may cover theft.
If you carry boat comprehensive and collision coverage, we’ll pay what it costs to return your watercraft to its pre-accident condition or better. Example: You hit a submerged object, damaging your 10-year old motor. It may only be valued at $3,000 but costs $8,000 to replace. If we can’t repair it, we’ll replace it.
Gap insurance is an optional auto insurance coverage that applies if your car is stolen or deemed a total loss. When your loan amount is more than your vehicle is worth, gap insurance coverage pays the difference. For example, if you owe $25,000 on your loan and your car is only worth $20,000, your gap coverage covers the $5,000 gap, minus your ...