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Updated about 2 years ago on . Most recent reply

Brett Hennessy's profile image
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Brett Hennessy
  • from Huntsville, AL
  • Member since Aug 30, 2015
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Brett Hennessy's profile image
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Brett Hennessy
  • from Huntsville, AL
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Brett Hennessy
  • Huntsville, AL
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Insurance

First house fire, any advice or wish I had known?

Brett Hennessy
  • Huntsville, AL
Posted

Had my first fire, looks like it will likely be a total loss. Just curious of any advice from those who have been through it. Also any thoughts on rebuild vs sale of the lot. Thank you so much!

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John Mocker's profile image
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John Mocker
  • #1 Insurance Contributor
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  • from Norwalk, Connecticut
  • Member since Feb 25, 2016
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John Mocker
  • #1 Insurance Contributor
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  • from Norwalk, Connecticut
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John Mocker#1 Insurance Contributor
  • Insurance Agent
  • Norwalk, CT
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John Mocker#1 Insurance Contributor
  • Insurance Agent
  • Norwalk, CT
Replied

Brett,

If your Insurance policy is based on Replacement Cost (RC), they will not normally pay that amount for the building until you have rebuilt.  The normal situation is you will be paid first the Actual Cash Value (ACV) which is defined as the Replacement Cost less the depreciation.  Then, when you rebuild, they will pay the additional amount to get to the RC.  

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