Common Insurance Problems For Foreclosing Mortgagees

Law360, New York (February 25, 2013, 6:30 PM ET) -- When real property is damaged or destroyed, most property insurance policies permit the policyholder to recover either the “actual cash value” of the property, or the cost of replacement. Because a property’s “actual” value is often less than its cost to replace as new, however, the circumstances under which a property policy will allow for recovery of “replacement cost value” in lieu of “actual cash value” are usually restricted. Law and ordinance coverage, or “code upgrade” coverage, designed to cover increased construction costs occasioned by building...
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