1. full cost of repair or replacement 7000
2. amount held back(difference in replacement cost and actual cash valve) 1200
3. actual cash value of loss 5800
4. deductible 1000
5. actual cash value claim is 4800
6. additional claim, to be filed in accordance with the terms and conditions of the replacement cost coverage will not exceed 1200
Does this mean as long as I have the receipts of the repairs and it goes above 4800 that my insurance will cover the 4800 plus up to 1200 more?
Posted: 29 Jan 2007 12:43 Post Subject:
Hello! I would really need to look at your policy to see what kind of coverage that you have. I would say in this situation, call your agent as they are going to know exactly what kind of coverage that you have.
Posted: 02 Feb 2007 02:08 Post Subject:
Correct. Your policy has repalcement cost coverage but this only applies when you have the repairs done/completed (otherwise the amount paid is actual cash value). You have the work done, submit the repair bill and the carrier pays the difference.