What “Actual Cost Value” Means for You
Many homeowners who have been affected by the 2011 Bastrop wildfires are confused about what kind of insurance payouts they can expect. If your insurance claim is accepted, you may still not receive the exact amount of monetary benefits that you think you deserve. In such cases, the term “actual cash value” may be familiar to you. The actual cash value of your home is what your home repairs and replacement costs would be with depreciation factored into the equation. If your home was brand new at the time of the wildfire, you may receive more compensation than a homeowner who owned his or her home for many years.
If you or someone you know has been affected by the Bastrop wildfires and is pursuing financial assistance through an insurance claim, contact the experienced Bastrop fire insurance claims attorneys of Williams Kherkher today by calling 800-639-8460 to discuss your legal options.
What You Should Know About Actual Cash Value
Most homeowners have insurance policies that will cover actual cash value, and do not have policies that stipulate full coverage. HO-A policies are policies that cover full costs of replacement and repairs, but most homeowners have:
These two types of insurance policies are the most common, and only cover actual cost value in the event of a disaster like the Bastrop wildfires. An experienced attorney can help you determine the amount of compensation you deserve from your insurance company, and can help you fight for this amount.
If you or someone you know has been affected by the Bastrop wildfires and is now dealing with an insurance company in an attempt to receive a fair pay out, contact the experienced Bastrop fire insurance claims lawyers of Williams Kherkher today at 800-639-8460.