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Floyd County, Iowa | I talked to my insurance agent a few years ago when we were updating policy. We have replacement on all buildings and contents. He told me that if I had a total building loss, they would write me a check for the depreciated amount at the time of loss. When I rebuilt the building (within a certain time period), they would write another check to come up to the replacement cost listed on the policy. In other words, we'd get two checks IF we rebuilt. If we didn't replace it, it would be at the depreciated value.
Not saying this is the case in your situation, but might find out if that's what is going on and there is a lack of communication. | |
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