Home Insurance

This is the cost to repair or replace the damaged property with new materials of like kind and quality.

If you have replacement cost and suffer a loss, the initial payment you receive may be for actual cash value. You may be able to recoup the depreciation if you make your claim within 180 days of the date of loss and send documentation that repairs have been completed or it has been replaced.

To document that repairs or replacement have been completed, please send your claim representative your certificate of completion or final repair bill or purchase receipts.

Depreciation is the value an item loses over time based on its age and/or condition. Actual cash value is the cost of replacing or repairing damaged property less depreciation.

In an insurance policy, the deductible is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses. In most circumstances we subtract the deductible from your initial settlement payment and then you pay your deductible to the contractor, auto dealership, mechanic, body shop, etc.

If there's a difference between the Indiana Farmers Insurance estimate and your contractor's estimate, please contact your claim rep. The claim rep will work to reach an agreed price with your contractor based on the damage to your property.