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Home / Opinion Digests / Insurance / Insurance – Homeowners – Benefits Level – Depreciation – Labor & Materials (access required)

Insurance – Homeowners – Benefits Level – Depreciation – Labor & Materials (access required)

  Although the parties’ homeowners’ insurance policy did not define “Actual Cash Value (ACV),” ACV was defined in an endorsement related to roof damage. The endorsement explained that, “if there is a covered windstorm or hail loss to your roof, [the defendant-insurer] will deduct depreciation from the cost to repair or replace the damaged roof.” Reading ...

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