Consumer FAQs > On what basis are claims going to be paid?
posted on Mar 28, 2022
Most claims on home policies are paid on a replacement cost basis, meaning that the insurance pays the cost of replacing the damaged or lost item with a new one that is as close to the original as possible in functionality and quality. However, some policies may pay only actual cash value, which means replacement cost LESS depreciation. Ask your insurance representative what you have. Of course, you have to actually replace the item in order to receive replacement cost for it.
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