Units 0-25 years coverage: Comprehensive. What is that? Basically covers everything but standard insurance exclusions- Earth Movement, General Maintenance, Wear Tear & Deterioration, War, Terrorism, Landslide, Damage from Birds, Moths, Rodents etc.
Units 25+ years: Named Perils. What is that? Basic Coverage- Fire, Lightning, Windstorm, Hail, Falling object etc.
Units between 0-15 years
Two Options for Settlement Amount: Replacement Cost or Actual Cash Value.
Replacement Cost will have no deduction for depreciation of any kind, this is conditional on insuring the unit for replacement cost of a brand new unit including taxes and any additions.
Actual Cash Value (ACV): The Actual Cash Value calculated at the time of the claim will be roughly equivalent to the current market value of a comparable used item, less any costs that would have made your item ready for sale.
Units 15 years and older
The settlement will be based on Actual Cash Value, which will be calculated at the time of the claim. The ACV will be roughly equivalent to the current market of a comparable used item, less any costs that would have made your item ready for sale.