What is the Difference Between Stated Value and Non-Stated Value?

Regardless of a stated or non-stated value, all Openly's policies include guaranteed replacement cost coverage of the main dwelling structure.  This approach benefits the customer by eliminating the risk of accidentally under-insuring their home.

Stated Value States

  • Georgia
  • Kansas
  • Mississippi
  • Missouri
  • New Hampshire
  • Ohio
  • South Carolina
  • Tennessee
  • Wisconsin

In Stated Value States, the Coverage A limit on the Coverage tab in the Portal can be increased or decreased but cannot be endorsed to reduce the limit for less than 75% of the Replacement Cost Estimate (RCE) amount. In the event of a total loss covered under Coverage A, where the Insured has elected not to repair or replace the dwelling, the amount of the loss will be the limit of liability that applies to Coverage A and is shown in the Declarations.

Non-Stated Value States

These are all the other states we do business in, which are not listed above.

For Non-Stated Value States, the Coverage A limit on the Coverage tab in the Portal cannot be increased or decreased. The Portal and Declarations will reflect a Guaranteed Replacement Cost of up to $5 Million.

To request an endorsement to the Stated Value State's Coverage A limit for an in force policy, contact us via our webform or Live Chat.

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