Home Insurance Coverage FAQs
Replacement cost is the total cost to repair or replace an insured item at the current market price. Actual cash value is the current value of the property. This is often calculated by subtracting depreciation from the replacement cost. The method used to calculate depreciation varies depending on the expected life of a specific item or material.
Replacement cost – depreciation = actual cash value
The standard home policy covers your personal property at its actual cash value, meaning your personal property settlement will be depreciated based on the current age and condition of each item. Replacement cost coverage can be purchased through a separate endorsement. This endorsement will provide full replacement cost coverage for most of your personal property.
Some property, such as jewelry, stamps, coins, guns and silverware, has special limits specified in your policy. You may be able to purchase a scheduled personal property endorsement on these valuable items for additional protection.
Yes, sheds and other detached structures are covered by your home policy. The limit for these items is typically 10 percent of the limit on your dwelling. If you have larger detached structures on your property, you might want to consider purchasing additional coverage.
Standard policies will pay up to $200 for stolen cash and $1500 for securities, evidence of debt and letters of credit. Identity theft is covered through the Identity Theft Endorsement in partnership with Cyberscout.
Yes, theft is covered, and any related damages to your home would be considered for coverage.
If the stolen property is something that you put in your car, such as CDs or a car seat, it is usually covered under personal property within your home policy. However, if the stolen items are permanently installed in the car and you have comprehensive coverage, the loss is covered under your auto policy. Certain restrictions may apply.
Your home policy does not cover cars that are required to be registered for use on public roads. If you carry comprehensive coverage on your auto policy, the damage to your car would be covered by your auto policy.
First, call emergency services if needed. Then, contact Amica as soon as possible. We investigate all potential injury claims.
If you receive a summons and complaint or other time-sensitive legal documentation regarding a loss, please contact Amica immediately for further assistance.