Historical building property insurance valuation?
What is the best way to insure a commercial building that is on the national historical registry: Replacement Cost, Actual Cash Value or functional Replacement Cost??
Well, either way, if you're going to stay on the registry, you'll be out of pocket A LOT for repairs to keep it historical.
I think functional replacement cost might get you more money than ACV, so that's what I'd go for.
Replacement cost is best, but you're not going to find a carrier willing to give it to you, I'd bet.
So, RC is best, FRC is second, and ACV is third, but the RC isn't REAL WORLD.
Well, either way, if you're going to stay on the registry, you'll be out of pocket A LOT for repairs to keep it historical.
I think functional replacement cost might get you more money than ACV, so that's what I'd go for.
Replacement cost is best, but you're not going to find a carrier willing to give it to you, I'd bet.
So, RC is best, FRC is second, and ACV is third, but the RC isn't REAL WORLD.
References :
agent, 21+ years