There are two ways that partial loss insurance claims will be valued:
If the partial loss is valued at Replacement Cost you get new for old, like kind and quality in today’s dollars. Pretty simple.
However, if your partial loss is valued at Actual Cash Value there is going to be depreciation taken out among other things… watch the video to learn more.
Watch this video “How are Insurance Claims Handled on a Partial Loss?” for more details:
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created by Ryan Hanley