Replacement cost on personal property; house fire total

by Donald L
(Gananoque ,Ontario, Canada)

My house was destroyed in a fire.


Have guaranteed replacement on house, the $276000 (rebuilding value) became $500000.

I have full replacement on my contents; do we have same coverage on contents as the house? $215,000 on contents but showing a claim of almost $500,0000 (no art no antiques). I am insured with ING /INTACT. Have done the schedule of loss lists which shows real losses. Am I covered to the $215,000 in my policy declaration or the $500,000 of contents I actually lost? Do you have an answer?

Insurance Replacement Cost on Personal Property in Ontario

Hi Donald,

I edited your question a little to expand on it in the way I interpreted it. Hope I understood what you are asking ...

The Guaranteed Replacement Cost on the building works a little differently than Replacement Cost on personal property. The Guaranteed Replacement cost covers your building to the full amount to rebuild (subject to some conditions). You are very fortunate to have had that coverage.

The replacement cost on personal property is subject to the limit in your policy in most cases. But no depreciation is applied to any of the items.

Hopefully I interpreted the question correctly!

And I also hope you get into your rebuilt home soon.

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Sep 25, 2015
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Replacement
by: Anonymous

You state that replacement cost for contents there is no depreciation. You are entitled to the amount you are insured for. If a settlement is offered what would be the depreciation that would be fair to the policy holder? Is there a percentage used as a global median or am I being lead astray?

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Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

Please Read

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