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.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified insurance lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local insurance attorney to discuss your specific legal situation.