Probably a stupid question..
Had some property damage and a few items got destroyed. Insurance company is sending both Actual Cash value, and a second check for replacement costs… do I still need to prove I'm buying exact replacements?
Posted by Pure_Eye462
1 Comment
You don’t usually have to buy exact replacements. It’s just that the total price of the exact replacement is the most they will pay for. So for example if you have a TV that has a replacement value of $600, and the insurer paid you the ACV of $400 now, then if you buy a $500 TV they will send you $100, if you buy a $600 TV they will send you $200, and if you buy anything better than the $600 TV they will still only send you $200 since that’s what you actually lost.