Sentences with phrase «covered on a replacement cost basis»

This is also a good time to review your insurance policy to make your personal property is covered on a replacement cost basis and not on an actual cash value (ACV) basis.

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.

Not exact matches

Percentage - based deductibles are based on a percentage of the estimated replacement cost of the covered home.

With personal property coverage on a replacement cost basis, loss of use insurance to pay for your hotel, and liability coverage should you cause another person bodily injury or property damage, Effective Coverage has got you covered.

Buildings are covered for replacement cost, but coverage for personal property is available on an actual cash value basis only.

An insurance policy clause that sets the value of covered property at the market rate rather than basing the value on actual cost or replacement cost.

Your insurance indicates that baggage and possessions are covered based on the lesser of either the actual cash value (retail value minus depreciation), or replacement cost.

Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis.

While both types of coverage help with the costs of rebuilding your home or replacing damaged items after a covered loss, actual cash value policies are based on the items» depreciated value while replacement cost coverage does not account for depreciation.

Collision and comprehensive coverages pay you for vehicle repairs and replacement based on the cost of your vehicle, and if your vehicle is not worth more than you can afford to cover the coverage may need to be lowered.

Buildings are covered for replacement cost, but coverage for personal property is available on an actual cash value basis only.

Percentage - based deductibles are based on a percentage of the estimated replacement cost of the covered home.

Dear Suzana, When you have a loss like yours, the adjuster has to first determine whether or not the loss is covered, and second must consider the basis on which to value the damaged property: replacement cost or depreciated value (actual cash value).

Rather than being on the hook for things like repair, replacement costs and even medical bills, you pay a car insurance premium to your insurance provider and they will help cover the costs based upon the coverage and limits you choose.

A: Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis.

The replacement cost versus ACV is a bit trickier — you might want to upgrade your coverage from ACV to replacement cost as the ACV will cover you for the damaged item based on its cost at that time.

Replacement cost insurance - Covers property — both building and contents — on the basis of full replacement cost without deduction for depreciation on any loss sustained, subject to the terms of the co-insuraReplacement cost insurance - Covers property — both building and contents — on the basis of full replacement cost without deduction for depreciation on any loss sustained, subject to the terms of the co-insurareplacement cost without deduction for depreciation on any loss sustained, subject to the terms of the co-insurance clause.

Guaranteed replacement coverage costs more but provides you with reimbursement to cover the full present - day cost of purchasing the item lost, whereas ACV coverage depreciates the loss based on the age of the item.

With personal property coverage on a replacement cost basis, loss of use insurance to pay for your hotel, and liability coverage should you cause another person bodily injury or property damage, Effective Coverage has got you covered.

Assume that your policy covers losses on a replacement cost basis.

In general terms, replacement coverage gives you reimbursement covering the cost of buying a new item to replace the one lost, while actual cash value (ACV) coverage depreciates the value of the lost item based on its age and reduces payout accordingly.

Such coverage is often worth the extra cost, he said, because standard coverage provides payments based on the depreciated value of an item or improvement while replacement cost coverage provides the amount needed to replace each covered item at today's prices.

The replacement cost as determined by the insurance provider covering the truck would be based on how much it would cost to buy a truck with those same features brand - new from the dealer if something were to happen to necessitate such a purchase today.