When a covered loss occurs, how do I get paid?

A covered loss is paid after the policy deductible is exhausted on the following the basis:

–          Actual cash value basis (replacement cost less depreciation)

–          Replacement cost (replacement of like kind and quality)

–          Stated value (value is stated in policy prior to covered loss and depreciated from that point)

–          Agreed value (No deductible applies – value is stated in policy prior to covered loss and settled on that value – no depreciation)

–          Agreed value plus market value adjustment (value is stated in policy prior to covered loss and then adjusted for any appreciation of value)

Do you know how your policy is written?

Call me for a complete personal insurance review.

John B. Patterson
610.834.0090 x102