Our mobile home insurance policy features two different methods for paying claims: replacement cost settlement and actual cash value settlement.
- Replacement Cost Settlement means we’ll pay to repair or replace your home and belongings without any deduction for depreciation, up to the amount of coverage purchased. For example, if your claim requires us to replace a laptop, we’ll pay for the full amount it was worth when you purchased it, not how much it’s worth today.
- Actual Cash Value Settlement means we’ll pay you the actual cash value of your property based on its age and condition. This settlement method applies whether or not you actually repair/replace the property.
See the terms of the policy for information about which types of property these methods apply to and when.