Standard homeowner policies pay personal property claims at actual cash value (ACV), which is the replacement cost (RC) of the damaged property based on its current used condition. In other words, it is valued at what it would cost to …
An insurer can’t depreciate labor in calculating the actual cash value (ACV) of an insured property in the event of a covered loss, Arkansas high court justices have determined. In an opinion delivered on Dec. 10, 2015, the Arkansas Supreme …
Approximately 12 to 14 percent of all accidents result in a total loss, a number which has been trending upward since 2002. Insurance companies faced with first party claims on policies are responsible for paying the actual cash value or …
“I don’t know how to put this, but I’m kind of a big deal.” – Ron Burgundy, Anchorman: The Legend of Ron Burgundy Houses are getting older; the median age of a home in the U.S. is steadily increasing, with …
Relying on self-reported roof age to make underwriting and claims decisions has left carriers with unreliable data built into the claims process. As we covered in the first two research papers in this series, most homeowners do not know the …