What is a market value settlement?

A market value settlement is a type of insurance claims resolution under Washington state law. This type of settlement is when the insurer agrees to pay the policyholder the actual cash value (ACV) of the damaged or destroyed property. The actual cash value is based on the fair market value of the property, which is the amount that a buyer would be willing to pay for the property in its current condition. This type of settlement is typically used when the policyholder does not want to make repairs or replace the property due to the amount of time, cost, or inconvenience it would take. In a market value settlement, the insurer may offer the policyholder less than the full cost of repairs or replacement of the property. When this happens, it is important for the policyholder to understand the value of the property and if the offer is a fair one. The policyholder should also understand that they may be responsible for any costs that exceed the amount offered by the insurer. When deciding if a market value settlement is right for you, there are a few things to keep in mind. Make sure you understand the fair market value of the property and the amount offered by the insurer. You should also be aware that you may be responsible for any costs that exceed the amount offered by the insurer. Ultimately, a market value settlement may be the best solution if the cost of repairing or replacing the property is too high or there is not enough time to do so.

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What is a market value settlement?

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