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DDI Insurance Agency
24522 Harper Avenue
St Clair Shores, MI 48080
(313) 925-3216
[email protected]ddiinsurance.com
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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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