The condition in which a property is destroyed or damaged beyond repair Is often referred to as a loss. Depending on your insurance policy, you may have the option to rebuild or replace a similar or modified design.
A question to be asked when you’ve just had a major loss is, has your property suffered significant damage to the point of needing rebuild. You will want to review your insurance policy in depth before deciding on any directions, to make sure you understand all options thoroughly.
Most policies referencing the term ‘Replacement Cost’ will mandate that rebuild is necessary to receive the full insured amount; however, please check with your policy or insurance agent to confirm your options.
The amount of funding you will have available to rebuild with will depend on the wording of your policy.
Please contact us today to learn more as to how we may assist you.