Openly policies feature Guaranteed Replacement Cost (GRC) coverage for the main dwelling structure. In the event of a covered total loss, the policy covers whatever is required to reconstruct the home back to its original condition, up to a maximum of $5 million.
Dwelling Coverage
Coverage for the main dwelling (Coverage A) applies to the physical structure of the home, including:
- Core Systems & Fixtures: Plumbing, heating, cooling, and electrical wiring.
- Attached Structures: Decks, porches, or attached garages.
During the quoting process, we calculate a Replacement Cost Estimate (RCE). This estimate serves as the baseline for rating and determines the starting point for your other property coverages (such as Other Structures and Personal Property). Because pricing is tied directly to the home's unique RCE, more expensive homes have higher premium costs, even though every home receives the same $5 million GRC guarantee.
Stated Value vs. Non-Stated Value States
Because every policy includes GRC up to $5 million, Openly handles the traditional Coverage A line item differently depending on the state:
- Non-Stated Value States: Openly does not list a traditional, fixed Coverage A dollar limit on the Declarations Page. The $5 million GRC acts as the definitive maximum cap for a total loss claim.
- Stated Value States: The Coverage A limit can be manually adjusted. If a total loss occurs and the insured explicitly chooses not to repair or replace the dwelling, the payout will be limited to the specific Coverage A limit stated on the Declarations Page. Learn more about Stated Value States.
Benefits
- Eliminates Under-Insurance Risk: Homeowners are fully protected against unexpected spikes in local construction and material costs.
- Streamlines Mortgages: It avoids the hassle of constantly adjusting Coverage A limits just to satisfy rigid lending institution requirements.
- Protects Agents: It significantly reduces Errors & Omissions (E&O) exposure for agents during the quoting process.
- Simplifies Claims: The claims handling process is much smoother when contractors and adjusters can focus on actual reconstruction costs rather than policy limits.
The above is meant as general information. This information does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. Descriptions of all coverages and other features on this page are necessarily brief; in order to fully understand the coverages and other features of a specific insurance policy, we encourage you to read the applicable policy. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim. References to general claims handling steps, average or typical premiums, amounts of losses, deductibles, costs of coverages/repair, etc., are illustrative and may not apply to your situation.
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