Following are some of the considerations involved in payment of your claim:
- Payment for the building will be based on the repair estimates at the time of the inspection and any applicable policy guidelines.
- In the event there is a mortgage on the damaged property, claim drafts may be made payable to you and any applicable mortgage company and/or any other party who has a financial interest in the property. This is done to ensure that the work is complete and the mortgage company’s interest in the property is protected.
- The value of your personal property will include a depreciation factor, based on the age and condition at the time of loss. When this occurs, we will pay the cost to repair or replace the property less the amount of depreciation. This is known as the Actual Cash Value, which is explained in greater detail later.
- If property can be repaired or cleaned, we will pay all reasonable charges for doing so.
- If an item cannot be saved, it must be listed on the Inventory form. We will help identify the cost to replace damaged items with property of like kind and quality. In those instances where the same make and model is no longer available, we will try to identify a currently available product of similar quality and features.
- We frequently deal with replacement companies that specialize in working with insurance companies to replace lost or damaged property. Because they deal in high volumes, they can usually offer lower prices than one might find at a local store or mall. We will determine the cost to replace your property based on the best price available. The replacement company will gladly work with you to replace your lost property at the price they quote us.