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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