Replacement Cost Terms That Apply To Personal Property Only Clause Samples

Replacement Cost Terms That Apply To Personal Property Only a) These “terms” apply to: (1) property covered under Coverage C; (2) appliances and window air conditioners; (3) carpets and window coverings; (4) awnings and canopies; and (5) antennas. b) However, these “terms” do not apply to: (1) items of antiquity, art, or rarity that cannot be duplicated; (2) memorabilia, souvenirs, collector’s items, and similar items whose age or history contribute to their value; (3) items not maintained in good or workable condition; (4) items that are outdated or obsolete and are stored or not being used; or (5) items covered by any scheduled insurance. Property described in (1) through (4) above is subject to Actual Cash Value Terms. c) The smaller of the following amounts is used in applying the “terms” under Our Limit: (1) the cost, at the time of loss, to replace the lost or damaged part of the property without deduction for depreciation; or (2) the full cost, at the time of loss, to repair the damaged part of the property. d) When the total cost to repair or replace all property involved in any one “occurrence” is more than $500, “we” do not pay for more than the “actual cash value” of the loss until actual repair or replacement is completed. e) At “your” option, “you” may make a claim under the Actual Cash Value Terms instead of these Replacement Cost Terms. “You” may later make a claim for any additional amount payable under these Replacement Cost Terms, but only if “you” have informed “us”, within 180 days after the date of loss, that “you” plan to do so.