Openly policies include Guaranteed Replacement Cost (GRC) Coverage for the main dwelling structure (Coverage A). This feature protects property owners by eliminating the risk of accidentally under-insuring their homes. However, state regulations dictate how Coverage A limits can be adjusted in the Agent Portal and how payouts are handled in specific total loss scenarios.
| Feature | Stated Value States | Non-Stated Value States |
|---|---|---|
| Applicable States | GA, KS, MS, MO, NH, OH, SC, TN, WI | All other states where Openly operates |
| Coverage A Adjustments | Can be increased or decreased (min. 75% of RCE) | Cannot be manually adjusted |
| Portal & Dec Page Display | Shows the selected Coverage A limit | Reflects GRC up to $5M |
| Total Loss (With No Repair / Rebuild) | Pays out the full Coverage A limit shown on the Declarations Page | Handled under standard GRC terms |
Stated Value States
In these states, the Coverage A limit on the Coverage tab in the portal features additional manual flexibility:
- The 75% Rule: You can manually increase or decrease the Coverage A limit, but it cannot be endorsed to reduce the limit below 75% of the Replacement Cost Estimate (RCE).
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Total Loss Scenario: If a total covered loss occurs and the insured elects not to repair or replace the dwelling, the payout will be the exact limit of liability for Coverage A shown on the Declarations page.
Displays for Stated Value States only.
Non-Stated Value States
In these states, the structure is simplified and automated:
- Fixed Limits: The Coverage A limit on the Coverage tab in the portal cannot be increased or decreased manually.
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Maximized Protection: Both the portal and the policy Declarations Page will automatically reflect a GRC of up to $5 Million.
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