Dwelling PolicyQuestion 132 of 215
By default, on what basis is personal property (Coverage C) settled under any of the ISO Dwelling Property forms?
a.Replacement cost without depreciation
b.Agreed value
c.Actual cash value (ACV)
d.Market value at the time of loss
Explanation
Personal property under all DP forms is settled at actual cash value (ACV), which is replacement cost minus depreciation. A Personal Property Replacement Cost Endorsement is available and changes the Coverage C settlement to replacement cost. Agreed value applies to certain commercial property contracts, not to standard dwelling personal property.
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