There are a variety of loss settlement provisions property policies including replacement cost, actual cash value, and functional replacement cost. However, the policy provisions aren't the only things that need to be taken into consideration if the property has been declared a total loss. Many states have what are known as valued policy laws, where the statutes dictate that the face amount of the policy is to be paid at the time of loss. This chart provides a summary of which states have valued policy laws in statutes, what perils apply, and other provisions. For a detailed discussion of the laws and how they work see: Valued Policy Laws.
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