Any time you have owner-occupied (more than 80% of the time) residential property.
Last edited by RR joker; 07/03/08 02:46 PM.
Let me add...the jury is still out on this...many of us recognize the above, however the definition of "insurable value" IS 100% RCV, regardless of commercial/residential, etc. However, loss payment provisions differientiate between ACV and RCV based on the above criteria.
Hopefully the final Q&A's will address this discrepancy as many of us have pointed it out in our comment letters.
My opinion only. Not legal advice.
Say you'll haunt me - Stone Sour