Co-Insurance can have a drastic affect on how an insurance loss is valued because not meeting coinsurance requirements can mean you receive payment based on Actual Cash Value instead of Replacement Cost.
Basically, Co-Insurance is the percentage in which you need to be within in order to have your loss valued at replacement cost.
Watch the video to learn more!
Watch this video “What is coinsurance and how does it affect my building insurance?” for more details:
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created by Ryan Hanley