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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This is video #92 of a one hundred insurance video series that The Murray Group is producing to provide insurance consumers with quick, valuable answers to their everyday insurance questions.
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created by Ryan Hanley