If the homes are destroyed, shouldn’t the insurance companies be paying policy limits? What is the Colorado Law; that insurance companies can offer lower settlements to desparate people?
Normally, Insurance would pay Actual Cash Value(depreciation) until such time as the home is rebuilt. Same on Personal Property, until items are replaced. Colorado may be diffent!
“easing the rules for policyholders” seems to imply that insured’s are having problems presenting proof of loss – and who wouldn’t if all their possessions were burnt up. Without more info I’m just guessing at the complaint but I’ve seen these claim problems before when a home is destroyed. Take pictures/movies of your home keep them in a safety deposit box along with receipts of items of higher value.
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If the homes are destroyed, shouldn’t the insurance companies be paying policy limits? What is the Colorado Law; that insurance companies can offer lower settlements to desparate people?
Normally, Insurance would pay Actual Cash Value(depreciation) until such time as the home is rebuilt. Same on Personal Property, until items are replaced. Colorado may be diffent!
You’re correct initial is ACV then RC on completion or replacement if a RC policy.
No, Colorado is not different. ACV until replaced or repaired
“easing the rules for policyholders” seems to imply that insured’s are having problems presenting proof of loss – and who wouldn’t if all their possessions were burnt up. Without more info I’m just guessing at the complaint but I’ve seen these claim problems before when a home is destroyed. Take pictures/movies of your home keep them in a safety deposit box along with receipts of items of higher value.