Why Is The Insurance Company Withholding Part Of My Claim Payment? It Has Been More Than 180 Days Since I Accepted My Acv Payment, Can I Make A Supplemental Claim For Replacement Cost Now?

Insurance policies that provide Replacement Cost coverage, which is the amount it would cost to buy a new item that is identical or nearly identical to your damage property, also contain a requirement that you actually purchase the new item before receiving full recovery. You will usually receive a depreciated amount, known as actual cash value, until you replace the property. You generally have 180 days from the time you receive your ACV settlement to submit a supplemental claim for the extra amount.

The information on this page is meant to provide a general overview of the law. The laws in your state and/or city may deviate significantly from those described here. If you have specific questions related to your situation you should speak with a local attorney.

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