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(916) 773-4300 Granite Bay, CA

Help Actual Cash Value Payment Method

Actual Cash Value Payment Method

You may disregard the Replacement Cost Payment Method and make a claim on an Actual Cash Value Payment Method. If you do, you may make further claims within 24 months after our payment for actual cash value if the loss relates to a state of emergency under California Law or 12 months after our payment for actual cash value in all other cases that you intend to repair or replace the damaged property. If you do elect to make a claim on an Actual Cash Value Payment Method, then the amount we pay for loss to your other structure will be the lowest of:

1. The difference between the actual cash value of your property immediately before the loss and its actual cash value immediately after the loss.
2. The amount required to repair or replace your other structure.
3. The Amount of lnsurance shown on the Declarations Page for your other structures.

We may make a cash settlement and take all or part of the property at its appraised or agreed upon value, or repair or replace the property with property of like kind and quality.  We will give you notice of our intention within 30 days after we receive your proof of loss.

The damage to your property will reduce the Amount of lnsurance available by the amount of the damage. Your coverage will return to the Amount of lnsurance shown on the Declarations Page upon completion of the repairs or replacements.