Trying to save money on insurance cannot only put a policyholder at financial risk, but doing so by using real estate market value to estimate property insurance replacement costs is not consistent with the method for computing a recovery for property damage under Florida law.
After a recent class action lawsuit in which inflation of property replacement cost estimates was alleged against state-run Citizens Property Insurance Corp., it has become more important than ever for property owners to understand the difference between market value, which is used to determine the selling price of the home, and rebuilding and replacement costs, which determine the amount of insurance required for full protection of the property involved.
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