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How is property valued for a HOA or Condo Association Insurance policy holder?

In the event of a loss of covered property, the payment of the policyholder will be valued based on:

  • Guaranteed Replacement Cost - replacement cost with no limit and does not state a specific property limit
  • Replacement Cost - payment for the loss is based on the actual replacement and may be limited to stated value
  • Actual Cash Value - loss payments are based on the cost of new product, less depreciation and usage

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