Insurance Limits, Inflation, and Skyrocketing Replacement Costs

Hannah Albion, Richard Morehouse and Jon Pinney | Kohrman Jackson & Krantz Unexpected inflation and increasing replacement costs could combine to present an unpleasant surprise to your expectations for property insurance coverage in a time of need. Many tend to think of real estate properties as stable fixed assets, well-positioned against many risks. However, for improved properties… Continue reading Insurance Limits, Inflation, and Skyrocketing Replacement Costs

Insurance Myths: Does “Full Replacement Cost” Insurance Requirement Really Mean an Association has to Cover Everything?

Nancy Polomis | Hellmuth & Johnson | November 1, 2019 I recently had a conversation with an insurance agent who acknowledged he “didn’t deal much with homeowners associations.” His client lived in an association, and had suffered damage within his townhome that the agent thought should be covered under the association’s master insurance policy.  He… Continue reading Insurance Myths: Does “Full Replacement Cost” Insurance Requirement Really Mean an Association has to Cover Everything?

Can My Recovery be Limited to Actual Cash Value When the Insurer’s Failure to Pay Prevented Compliance with My Policy Condition on Recovering Replacement Cost?

Paul LaSalle | Property Insurance Coverage Law Blog | March 12, 2019 Insurers often try to limit damages once they are found liable for breach of the insurance contract by claiming that the insurance policy limits the insured’s recovery to the actual cash value because the insured did not comply with the policy’s condition on… Continue reading Can My Recovery be Limited to Actual Cash Value When the Insurer’s Failure to Pay Prevented Compliance with My Policy Condition on Recovering Replacement Cost?

Insuring to Value: Replacement Cost vs Reconstruction Cost

Chip Merlin | Property Insurance Coverage Law Blog | June 23, 2017 A recent post, Insurance Agents and Determining Coverage Limits for Buildings, generated a number of very interesting comments about the differences between Replacement Cost Value of a building and the Reconstruction Value of a building. There is a difference between the two values and it… Continue reading Insuring to Value: Replacement Cost vs Reconstruction Cost

Does Actual Cash Value Mean Fair Market Value or Replacement Cost minus Depreciation?

Kevin Pollack | Property Insurance Coverage Law Blog | June 4, 2017 What is an insured, who has an “actual cash value” property insurance policy, entitled to recover when their property is damaged, but not a total loss? Is the insured entitled to the cost to repair/replace the property minus depreciation? Or is the insured’s… Continue reading Does Actual Cash Value Mean Fair Market Value or Replacement Cost minus Depreciation?

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