To maximize your recovery, it is vital to understand Actual Cash Value and the rights you have regarding Actual Cash Value. Actual Cash Value coverage is a property valuation method that says your policy will pay to replace your home, business and property belongings with items of “like kind and quality” at current prices, MINUS all of the applicable (and very subjectively-determined) Depreciation.
Actual Cash Value coverage is a policy condition you need to determine if you have because insurance companies use specific methods to value personal injury claims. Actual Cash Value (depreciated Replacement Cost Value) policy coverage is usually less favorable than Replacement Cost Value coverage, since it compensates you for the replacing/repairing of the damaged real and personal property at a depreciated amount. As an example, if your bedroom furniture is destroyed in a flood, an Actual Cash Value policy will consider the usage and age of the property, and pay you for the depreciated cost of replacing it with like kind and quality.
Here are some tips to help you recover the most legitimate payment from your Actual Cash Value policy:
If you need additional advise or counsel to help resolve issues like this, please feel free to contact the best law firm in Colorado Springs, Rector Stuzynski LLC at (719) 578-1106.
We serve clients charged with crimes or injured anywhere throughout the state of Colorado, but we focus on residents of these areas: Colorado Springs, Manitou Springs, Fountain, Briargate, Monument, Black Forest, Pueblo, Canon City, Larkspur, Security-Widefield, Peyton, Castle Rock, Teller County, El Paso County, Elbert County, Park County, Douglas County and beyond.