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exnavyew | In home insurance what does "actual cash value" (with depreciation) mean? |
My mother is about to insure one of her rental homes for 75K 'actual cash value' not 'replacement cost' (it would be lucky to sell for half that amount in today's real estate market given the condition it's in - 'ah my mother the slum lord' ;) ).
If it were to become a total loss under a covered provision does "actual cash value" mean that an insurance adjuster (or whoever) would say something like 'gee you could only really get 30K for this house if you would have tried to sell it so that's what we're gonna pay you', not the 75K that it's insured for.
I assume the 75K figure is just a max. payout figure. Correct?
thx for your time! |
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mbrcatz
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Correct, the $75K only gets paid out, if there's a total loss.
The meaning, is "cost to replace, MINUS depreciation for wear and tear".
There are two big downsides:
1. Coinsurance penalties still apply. She could STILL be underinsuring her house, even on an ACV form.
2. Most losses - like 95% of them - are partial losses.
So, for example - if the $75K house IS insured for 80% of the cost to rebuild - not likely, unless it's smaller than 1000 square feet - and she has a tree branch land on her 20 year old roof that needs to be replaced - she's not going to get anything, because that roof depreciated down to zero value.
Or worse, she has a kitchen fire, that's going to cost her $30,000 to fix - the depreciated value for her kitchen, could very well be under $5,000. What's that house with an unrepaired kitchen worth NOW if she needs to sell it? Probably nothing.
On the other hand, you are going to have a HARD time finding an insurance company willing to write a replacement cost policy, on a house that's a rental, where the cost to rebuild is more than 3 - 4 times the market value of the house. |
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fighting saints
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You're on the right track.
ACV means actual cash value which in insurance terms means the value of a property less depreciation based on age and condition.
Most insurance is not based on what the property can sell for it is based on what it would cost to rebuild it. The cost to rebuild it is called "Replacement Cost." If you mother goes with an ACV policy any settlement will have depreciation factored in that will reduce what she is paid.
RC - Depreciation = ACV
If they was hail damage to the roof and the RC estimate was $8000.00 there would be depreciation deducted from that $8000.00 which leads to the ACV payment. Depending on the age of the shingles the depreciation deduction could be anywhere from $1200 to $5000.00.
If the place burns to the ground the most she can collect is the $75,000.00. In some states she would automatically get the 75K policy limits if the house is a total loss.
Hope this helps |
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