yes - you are given the depreciated amount up front - you need to make replacement and spend above the depreciated amount to make a supplementary claim for the actual replacement cost amount. this protects the insurer from overpaying the claim
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.
It depends on why they didn't pay the claim. If you have the coverage and followed the requirements, like making a police report, cooperating with the insurance company as well as the police then you should have no problem with a claim, if it was in fact a theft. Otherwise you can always sue the company or file a complaint with your state department of insurance if you feel you were denied coverage you paid for.
They should not drop you before a claim is settled. If they have contact your state department of insurance and file a complaint.
You will have to start calling local insurance agencies. Someone will provide you coverage and if no one will you can call your state's insurance commission and ask about an assigned risk policy.
No, Your Insurance contract gives the Insurance company the right to settle or defend whichever is cheaper. If the insured property owner interferes with the companies decisions you could forfeit all coverage under your policy for that claim and even get your policy cancelled.
Depreciation is determined by the policy and not the "insurance laws" If your policy has "replacement cost" benefit, there is no depreciation taken at the time of a claim. If your policy has "actual cash value" benefit, there is depreciation taken off your settlement at the time of a claim.
This is defined as the cost to repair without regard to depreciation. All the homeowners policies that I have seen have a cap of 4 time the ACV or the policy limit, whichever is less. When you have a full replacement cost policy you also have the requirement to carry full replacement cost value on your policy at 100%. What this means is that if you don't have enough coverage to pay the full replacement cost, then you will be penalized on every claim whether large or small. For this reason, you only want to carry full replacement cost if you are sure that you have enough coverage to avoid the penalty.
This is defined as the cost to repair without regard to depreciation. All the homeowners policies that I have seen have a cap of 4 time the ACV or the policy limit, whichever is less. When you have a full replacement cost policy you also have the requirement to carry full replacement cost value on your policy at 100%. What this means is that if you don't have enough coverage to pay the full replacement cost, then you will be penalized on every claim whether large or small. For this reason, you only want to carry full replacement cost if you are sure that you have enough coverage to avoid the penalty.
Depending on the type of claim, you should be able to acquire replacement coverage even with the claim being open. The claim payee will be determined by when the claim happened.
Recoverable altho you were foolish not to have "replacement cost". Then you are covered at 100%
Its the replacement cost value (RCV), which means that there will be no depreciation for older property/ items as replaced.
It is VERY important to have a professional roofing insurance resoration specialist inspect your roof first. This person will determine whether or not you have a claim. Next, you will contact the insurance company to make a claim and an appointment. The restoration specialist will be there to meet with your claims adjuster.
If your policy indicates that there is no replacement coverage then that means you will be compensated (paid) based on the current depreciated value of your property in the event of a claim.
Replacement value is the cost to replace an item that was lost in a covered claim without regard to depreciation. Often times there is a limit of 4 times the ACV (Actual Cash Value) but it usually has no effect.
It depends on the policy you have with the insurance company. Replacement cost phrasing should include 20% or so over the value of the home. Closely question the agent about the contents--like cabinets, appliances, fixtures and so on should the home become a total loss.
If you want to collect the depreciation your insurance company withheld from your claim payment you must make the repairs to your home. After you make the repairs contact your insurance company and they should issue a check for the depreciation.
generally yes. you would be covered for off premise theft. the claim would be subject to your deductible and depreciation. the depreciation could be recovered if you have full replacement on your policy for contents, once the items are replaced.