Tuesday, January 29, 2013

PROPERTY INSURANCE REPLACEMENT COST

“Replacement cost” insurance is a type of property insurance coverage that generally pays for the “depreciated” value of the damaged property.

 
Subsequently, the actual cost of restoring the property would most likely require additional funding from you to renew the property to its condition at the time of the loss.

 
If you find yourself in this situation, be sure to complete the repairs on the damaged property as soon as possible as most policies have a time limit for payout.  Also maintain accurate records regarding all expenditures incurred in the restoration of the property.

 
Call or e-mail Mike, Andrea, or Tessa at the Triplett Companies today for additional insight and information regarding the “replacement cost” clause of your property insurance policy.

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