Loss Settlement is typically determined using Replacement Cost or Actual Cash Value. Openly’s approach is specific to coverage type and state guidelines.
For all Openly policy types—Coverage A (Main Dwelling) and Coverage B (Other Structures):
- Total Loss: We will calculate the replacement cost of the dwelling at the time of the loss and will pay that amount immediately, regardless of whether the rebuild is immediate or at the exact location. However, if a stated limit is shown in the Declarations for the dwelling, we will pay that amount.
- Partial Loss: We will initially pay the property's actual cash value (reconstruction cost less depreciation). If the repair or replacement is initiated within 180 days from the date of loss, we will pay the holdback depreciation once the repairs are completed.
- Roof Losses: We may pay any additional amount to repair or replace the undamaged section of the roof to achieve a reasonably uniform appearance. (Cosmetic marring is excluded on metal roofs.) See our Openly Help article for further information on how Openly handles Wind / Hail Roof Settlement.
- Siding: We also provide coverage to replace a damaged part of the building's siding with like-kind and quality.
For all Openly policy types - Coverage C (Personal Property):
- We will initially pay the actual cash value (replacement cost less depreciation). If the repair or replacement is initiated within 180 days from the date of loss, we will pay the holdback depreciation once the repairs / replacement is completed. Certain items of property are not eligible for replacement cost settlement.
For further assistance, contact us via our webform or Live Chat.