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Central Texas | Unless the coverage is for replacement cost and I doubt it is, only required to have them scheduled for 80% of today's actual cash value. Have never encountered a replacement cost IM policy but suppose they could exist. If actual cash value coverage then need items scheduled for a minimum 80% of acv. If replacement cost, need items scheduled for at least 80% of replacement (today's new) cost. If each item is scheduled at certain value then that scheduled amount is probably the most they will pay on that item. Ask agent specifically about this.
Ask agent if policy is for acv coverage, which I suspect it is. If so would schedule items for what they would sell for today. Acv means they will only pay depreciated value, i.e. What a similar age/condition item would sell for today. Technically acv = rcv minus depreciation. If policy is acv need to use depreciated values and if rcv need to use new replacement values. | |
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Inland Marine Insurance - Coinsurance
