Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis. When “actual cash value” is used, the policy owner is entitled to the depreciated value of the damaged property. Under the “replacement cost” coverage, the policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices.
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Enough to rebuild the home, which is a different figure from its market value and usually from the purchase price. Market value reflects land, location, and what a buyer ...
No. The FAIR Plan is a separate insurer of last resort. We help clients obtain FAIR Plan coverage and pair it with a DIC policy, but we represent you, not ...
No. Both are excluded from standard California homeowners policies and are written separately. Earthquake is bought as its own policy or endorsement, and the deductible is typically a percentage ...
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