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DD‚ÄčI Insurance Agency

24522 Harper Avenue

St Clair Shores, MI 48080

(313) 925-3216

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Why do I need Replacement Cost on Contents?

Posted on September 4, 2013 at 5:12 PM
Actual Cash Value
Actual cash value is the replacement cost of repairing or replacing an item, minus depreciation and/or wear and tear.
 
Let's say your refrigerator is 7 years old .The average life expectancy is 14 years old,(sourcehttp://www.mrappliance.com/expert/life-guide/)
 
So your refrigerator has depreciated at least 50% (often more).
 
If you had a claim on that appliance it could go like this;
Side by side refrigerator with ice maker   cost new                   $ 1,500.00
Less Depreciation                                                                  - $750.00
Less Deductible                                                                   - $1000.00
Equals                                                                                   no claim
Replacement Cost
Replacement cost is the amount of money it would cost to replace a damaged item with a new one at the time of the claim.
Side by side refrigerator with ice maker  cost new                       $1,500.00
Less Deductible                                                                      - $1,000.00
Claim Payment                                                                         $ 500
 
 
Of course should you have a kitchen fire,(and I hope you do not), more items would be damaged, including damage to your home. 
Which brings up a good point, what about Replacement Cost on my home?......
 
 
Stay tuned and find out.
 

Categories: actual cash value, homeowners insurance, insurance, replacement cost

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