Market Value Policy

12 months ago
Insurance Glossary Team
1 minute

Plain English Definition: A Market Value Policy insures property based on its current market value rather than replacement cost.

What Market Value Policy really means for someone with an insurance policy

This policy type pays out the current market value of the insured property at the time of loss, considering depreciation.

Market Value Policy Real World Examples

  • Home insurance covering an older house with a reduced market value.
  • Car insurance for a used vehicle with declining resale value.
  • Insurance payout adjusted due to real estate market changes.
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