On a homeowners insurance policy you will have coverage based on the policy. You may be trying to fit a square peg into a round hole. If you purchase a replacement cost policy then yes you will be required to carry the amount necessary to replace your home or you will be penalized on any claims that occur. If you want to only cover the home for the actual cash value of the home then you need to purchase an ACV policy. This include the homeowners policy number HO-10, HO-8, HO-1 and maybe HO-2. On these policies you are only required to carry the coverage based on what the home is worth on an actual cash value.
You need to deal with an independent agency so that they can get you the correct policy for the coverage that you desire. Older homes should not be insured under and HO-3 or HO-5 because they require you to carry the replacement cost with the same materials that originally were used to build the home. This is crazy because they will have to be special made and you would not want to build it using old type materials.
Initially, the terminology in the question is mistaken. The alternatives are "actual cash value" coverage and "replacement cost" coverage. Most insurers offer both options, and agents will sell you either. If, however, the insurer offers only replacement cost coverage and you do not wish to buy it, you are free to seek another insurer. As between the two, replacement cost coverage is normally more costly.
Insurance companies usually use the property tax value when estimating a propertys value. Insurance estimating software will help them in the even of a loss to estimate the replacement costs.
Insurance companies ONLY pay for Replacement value when you have paid for an additional endorsement to insure your car for its "replacement" value. Otherwise, they pay Actual Cash Value, using blue books, fair market prices, your car's condition, i.e miles, etc, all of it is a factor to determine actual cash value, etc.
The Insurance Companies use ACV or Actual Cash Market Value. The ACV for any private passenger vehicle can be found at Kelly Blue Book.
Renter's insurance Renter's insurance
There is no such thing as "replacement cost" for auto insurance. Values are actual cash value - most similar to a trade allowance. However, insurance companies use different means to evaluate vehicles, so it may vary a bit.
All insurance companies can provide a diminished value, except with commercial insurance it is almost impossible.
Sure, insurance companies are delighted to sell higher priced policies, but they will only pay UP TO the value of the dwelling BEFORE the damage occured.
HOAIt means our policy is based on actual value rather than replacement cost. It means that the insurance company is not guaranteeing you the replacement of your home if it burns down. For example, your insurance policy limit is $200,000, but the cost of replacing your home is $210,000, if you had a replacement policy, the insurance would pay for the replacement of your home despite the fact that your insurance limit is only $200,000. However, the insured value at the time of the loss is usually required to be at least 80% of the replacement cost before your policy is covered on a replacement cost basis.
High value contents insurance is easily obtainable from most big named insurance companies. Companies that offer this type of insurance are Direct Line, John Lewis Insurance, and Hiscox.
no
Yes.
Flood damage and storm damage are not the same thing. Flood insurance is generally only available from companies who write on behalf of the National Flood Insurance Plan (NFIP), administered by FEMA.The Flood Plan covers Personal Property only on an Actual Cash Value (ACV) basis. ACV means depreciated value.