Openly policies include Guaranteed Replacement Cost (GRC) coverage for the main dwelling structure (Coverage A). This feature helps protect property owners from under-insuring their homes. However, state regulations dictate how Coverage A limits can be adjusted in the Agent Portal and how payouts may be 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.
In CT, GA, KS, MS, MO, NH, OH, SC, TN and WI, coverage amount is subject to Coverage A and conditions listed in the policy.
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 client's situation.
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