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The measure, sponsored by Democratic House Speaker Robert DeLeo, would tie the level of flood insurance that must be purchased to outstanding mortgage balance, rather than the full replacement value of the home.
mil, Defense Department personnel and their families can self-counsel and submit their applications online, track their shipments, file a claim, and settle directly with the moving company to get full replacement value of lost and damaged goods, as opposed to depreciated value offered in the past, Stanley explained.
A federal appeals court has ruled that banks can require a homeowner to buy flood insurance covering the full replacement value of a home rather than the amount of the mortgage loan.
The providers now pay service members full replacement value for their claims.
n If the items would be covered for full replacement value.
The full replacement value should be the cost to rebuild, using material of like kind and quality and a builder with the same skill as the original, enough to upgrade the building to the current codes, and taking into consideration the extra costs of building after a casualty or after a catastrophe.
Zone AE (a zone designation that denotes insurance requirements), and thus needed to be insured for the full replacement value.
In addition, some homes may be underinsured--that is, not insured for the full replacement value.