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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
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Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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Live in mo. have had a fire. have replacement ins of

Customer Question

live in mo. have had a fire. have replacement ins of $177,000. My contractors estimate is $181,000 to repair. Ins Co estimate is $173,000. Ins co will not total stating they are using Mo. valued policy law. Is this correct
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Under MO law, even if you have a replacement value policy, the law states that in the event of a total loss, the insurer must pay the total amount of the policy less the depreciation of the property between the time of the issuance of the policy and the loss. See: Mo. R.S. 379.140. This means that if the policyholder did not increase the insurance value of the policy annually, all the insurer needs to pay is up to the maximum value of the policy they wrote and not in excess, even if replacement value is in excess of the policy and the policy says replacement, it is replacement up to the maximum value of the policy under MO law.

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