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Does home insurance in Florida have to be be based on replacement value?
Wiki User
∙ 16y ago
The Florida Department of Insurance is a great resource for consumers in that state. They are very involved in protecting homeowners from unaffordable premiums and unreliable companies. Try googling "Florida Department of Insurance" to locate their website. If you do not have regular online access you can find their toll free telephone number in the telephone book.
Wiki User
∙ 16y ago
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You have insurance on your home but no replacement insurance What does this mean?
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.
What kind of value provides replacement value for personal possessions?
Renter's insurance Renter's insurance
What is the difference between antique auto car insurance and regular car insurance?
Antique car insurance is usually based around replacement value and assumes the car will not be driven often except maybe to a car show. Regular car insurance is based around replacement value as well as potential damage and injury since it assumes the car will be driven regularly and have more potential for accidents rather then theft.
Should homeowner insurance be the same amount as the assessed value of a condo apartment?
No. The assessed value is for tax purposes and it is based on what should be the real estate value based on sales in your county. Depending on what kind of policy you have as your homeowner's policy you probably need the replacement cost value and not the real estate price.
Does homeowners insurance pay at the current market value?
It depends on the policy. Some pay claims based on "actual cash value" and some pay claims based on "replacement costs". It depdend on what you want and what you need. There are requirements and penalties on each policy based on which one you purchase. This is why you need a good knowledgeable insurance agent to advise you and help you choose the correct policy.
Is it legal to return items for cash value after the insurance company gives you replacement value for the purchase?
Yes.
Do insurance companies pay for replacement value or actual value when a vehicle is stolen?
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.
Is there such a thing as 'replacement value' auto insurance?
I heard that Metropoliton insurance was starting to offer this. Has any one else heard this?
Why might the listed replacement value on a policy not accurately reflect the cost of replacing a home?
Your insurance company only does an estimate of rebuild cost based on current market prices by square footage. The insurance replacement estimate may or may not be entirely accurate depending on factors such as Build grade and finishing option's.
What is depreciated value in an insurance claim?
Depreciated value is usually called actual cash value on an insurance policy. This takes a formula based on the type of item that you are claiming and devalues it by a certain percentage every year. If an item is older then it will not have very much value. I would always want replacement cost coverage, this would pay to replace your property at today's prices.
What kind of insurance provides replacement value for personal possessions?
Renter's insurance Renter's insurance
Will an insurance company pay out a dwelling claim if you decide not to rebuild?
Yes, but generally at Actual cash value (either market value or replacement cost minus depreciation) instead of replacement cost. However, the insurance company will generally pay to reconstruct at another location.
