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chiwas | On homeowners insurance .. What is the difference between Replacement cost and Acutal cash Value? what pays mo |
What pays more and what is the least expensive??
please some one explain to me in detail.. Does my home need to be insured with the market value??? |
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mbrcatz
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Replacement cost pays more, and is more expensive.
Replacement cost means, whatever it costs to replace with like kind and quality. Actual cash value means, whatever it costs to replace with like kind and quality, LESS DEPRECIATION FOR AGE.
Example: You have a laptop computer that's stolen from your home. These things depreciate fast - like in two years, they depreciate to NOTHING. So, Replacement cost might be $1500 - but actual cash value is $300.
Different items depreciate at a different rate.
Market value is yet a THIRD valuation. For the house itself, it means "what it would cost to buy it, used". MOST of the time, for older houses, market value is significantly LESS than replacement value. Not a problem if your whole house burns down, but very few losses are total losses. Where you have a problem, is if you have a kitchen fire. The fire damage might be $30,000. Now, if the whole policy amount is "market value", well, your market value might be $50,000. You can be darned sure the insurance company isn't going to pay $30,000 on a policy like that for a kitchen fire.
So BEST case scenario, you'll get "we'll fix it up sort of ok". Drywall instead of plaster, paint instead of wallpaper, no fancy trims, no fancy countertops, no custom anything. Vinyl tile floor to replace that linoleum. It's NOT going to match the rest of the house, might not even match THAT ROOM.
Worst case scenario - you have a loss to 25% of the house, they pay 25% of the policy limit - leaving you with thousands in damages that you have to come up with to fix.
You need to talk to the selling agent to have them explain exactly HOW that market value policy is going to cover a partial loss. |
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sarge927
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Replacement cost = What it would cost right now today to replace an item (also known as "full replacement cost")
Actual cash value = What the item is worth right now today, taking depreciation (loss of value over time) into account
Replacement cost generally pays more since almost all household items depreciate over time. Actual cash value costs less because they pay you less than current market value for any items over six months old at the time of the incident causing destruction (fire, flood, tornado, etc.)
Your house should be insured ABOVE market value because you're also taking into account the items inside the house like the furniture, appliances, electronics, personal items, etc. A general rule of thumb is that you should insure your house for market value plus $10,000.00 for each room in the house where you have furniture, appliances, personal items, etc. |
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Gambit
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Actual Cash Value - New or replacement cost of the property at the time of the loss less depreciation
Replacement Cost - The cost to repair or replace the lost or damaged property with new property of like kind and quality, without deduction for depreciation.
Obviously a Replacement Cost policy pays out more as it does not take into account depreciation. While a policy on an Actual Cash Value basis would be less expensive since the insurer's exposure would be less, you would be hard pressed to find a standard market insurer who will agree to this, as someone who is looking for this type of policy an indication that they are looking to burn their house down to collect the cash. And yes you definitely want to be insured with a standard insurer unless you feel like paying a lot.
Do not insure your home to it's market value, as the market value includes the value of the land. Insurance only deals with the cost to rebuild your home. Let's say I went and bought the Empire State Building in NYC. Let's say I tore down the building, went to Home Depot and bought a shed for $1,000 and put the shed on that site secured to a cement foundation. I could probably sell the shed for (at least) $5,000,000, however I should not be insuring the shed for $5,000,000, as it would only cost $1,000 to replace. I should insure the shed for $1,000, the extra $4,999,000 comes from the value of the land, which is not insurable. The reason for this is because the insurer is liable for the lesser of: 1) the actual cash value of the property damaged; 2) your interest in the property; or 3) the limit on the policy. Adding a Replacement Cost endorsement allows the insurer to decide to repair or replace the damaged property. So if you insure your house to it's market value of, as an example, $500,000, and if your house should burn to the ground and the insurer determines the value to replace your house is $250,000, the insurer is liable to pay $250,000 as per the contract. The extra money spent to insure it to $500,000 is wasted.
There is another common endorsement added to Homeowner's policies called Guaranteed Replacement Cost, in which the insurer agrees to rebuild the house even if the amount required to rebuild the house is greater than the limit purchased. The caveat to this endorsement is that the house must be insured to 100% of it's replaement value at the time the insurance is purchased. This endorsement exists to protect the insured from the rising cost of building and materials that are experienced throughout the year, which may increase the cost to rebuild beyond the limit purchased at the policy inception. |
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William S
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Actual cash value is what a thing is worth today, as a used thing. You would never pay full price for a CD that got destroyed. You'd go to a second hand place and pay 50% of original cost to buy it. Well that is ACV. So if a fire occurred, your insurance company would take an inventory and then say well you can buy a couch at Goodwill for $50, that is what we will pay for your lost couch. The fact that your couch was a designer make with special fabric, might give you arguing room for a similar couch purchased on e-bay for $400, but you will not get it replaced. Replacement cost is you go find your couch, even if it means you have to go the manufacurer and have them make you a couch just like yours, and the insurance company will give you the money to buy it replacement. This would even mean buying those CDs you owned, even if they are not longer in print. If it can be found, with the limitations of the policy, they will pay the replacement cost. (Check the limitations. Sometimes there is fine print which says we will pay no more than $1,000 for any one item or something like that. So if you have collectibles which really can not be replaced, you may be limited to that amount for such an item. Obviously the Replacement policy pays more than ACV in case of loss. Keep in mind the companies place language in their policies to make it easier for them to back out of payment under certain circumstances. Not all losses are covered. In the Katrina disaster it became a question was the loss due to storm damage or water damage. Storm damage gives coverage, water damage does not. |
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weemsbrokers
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Replacement cost pays you based on the cost to make it new again. Actual value pays the new cost minus some percentage based on how old it is usually atleast 60% -90% of replacement cost. So simply put, if your house is old, be sure to have replacement cost. If your house is new then consider an actual value policy "IF" it is significantly cheaper.
My personal belief is that it is better to minimize your coverage and always sit right at the 80% coinsurance coverage amount that still guarantees you full replacement cost coverage. Basically, try to buy as little coverage as you can since the yearly premium savings and deductible savings are well worth it. The vast majority of claims are not for total losses so the top end doesn't even matter much at all. So go for replacement coverage, but significantly lowball your coverage amount and stop wasting thousands to the insurance companies each year. |
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shamieya
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Why insure it for market value? replacement cost is the cost it will take to build a home like yours brand new. That's the most you need to be insured for (for the structure). Anything more is extra commission for the insurance agent. |
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ernesto_tig
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Replacement cost pays more and is usually cheaper. Why the paradox? Because replacement cost policies are sold by the most companies and are targeted at the "preferred" market: nice houses, good neighborhoods, financially secure clients. ACV policies are written for "standard" or higher risk houses: older homes, maintenance issues, claims history, a number of other items that make the houses less desirable for insurers.
Your mortgage company would LIKE if your house was insured for market value, in reality 100% of replacement cost (not 80%) is what you need. Your insurance person would have a calculator that generates the number. If you look on my blog there is a link to a replacement cost calculator (for $7.95) and I've written an article on replacement cost (that's free, but you will have to read it); it's hard to explain in less than 1000 words. Enjoy & good luck. |
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Ask M
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Actual Value is what it would cost to replace it if you had to buy it today or in the future. |
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lsbeasley
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Actual cash value is how much it costs. It is cheaper.
However, if my house burned down I would not have enough money to rebuild if I just insured it for Actual Cash Value. That is because the new house would have to be completely up to the current code - and that costs a whole bunch more money! |
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crazyem
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actual cash value is what you would get if you sold your stuff. replacement means buying new stuff to replace what was damaged or stolen. actual cash value will always be less, since your stuff has been used by you. can't tell you exactly what you need - ask an agent. |
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