Licensed Florida agent serving St. Lucie County
Start here
Replacement Cost vs Actual Cash Value in Florida is the one setting on a homeowners policy that decides whether a claim pays for new materials or for old, worn ones. It takes one line on your declarations page to check, and it is worth checking before you need it.
Want it read for you? Call (772) 218-7676 and your current policy gets compared with several companies, same day, and nothing changes unless you say so.
Talk to a Licensed Florida Agent
Call (772) 218-767601Pricing
Replacement cost pays what it costs to repair or replace the damaged property with materials of like kind and quality, up to your policy limit, without subtracting for age and wear.
Actual cash value is replacement cost minus depreciation. A 12-year-old roof or a 10-year-old television is worth less than a new one, and an actual cash value settlement reflects that. The older the item, the bigger the gap you pay yourself.
Why it matters
St. Lucie County homes by the numbers
Data: U.S. Census Bureau QuickFacts; U.S. Census Bureau American Community Survey. Last updated .
02The rules
S. 627.7011, Florida Statutes sets three rules worth knowing.
Before issuing a homeowner's policy, the insurer must offer replacement cost coverage, and also a version that includes the extra costs of meeting building laws and ordinances. That law and ordinance coverage may be limited to 25 percent or 50 percent of the dwelling limit, as the policyholder selects.
For a dwelling, the insurer must initially pay at least the actual cash value of the loss, less the deductible. It then pays the remaining amounts necessary to perform the repairs as the work is performed and the expenses are incurred. In practice, replacement cost on the house arrives in stages, tied to the repair.
For contents, the insurer must offer coverage that pays replacement cost without holding back depreciation, and it may not require you to pay for the replacement item first.
03The rules
When part of an older house is damaged, the repair may have to meet today's building code, not the code the house was built under. That upgrade is what law and ordinance coverage is for. The median year built for housing in St. Lucie County is 1996 (U.S. Census Bureau, American Community Survey 5-year estimates, 2020-2024), so plenty of homes here were built before the code they would be repaired to. The choice between 25 and 50 percent is worth making on purpose, not by default.
04The details
If any of it is unclear, send the declarations page and it will be read in plain English.
05Questions
Still wondering?
Ask a licensed agent
No fee for a quote and no obligation to buy.
(772) 218-7676Request a quote onlineIt usually costs more than actual cash value, because it pays more in a claim. The comparison shows the difference in dollars side by side, so you can decide with the number in front of you.
For a dwelling, Florida law has the insurer pay at least the actual cash value first, then the rest as repairs are performed and expenses incurred. The second payment follows the work.
A condo unit policy has its own settlement terms for what it covers, and the association's master policy covers the building. The HO-3 vs HO-6 guide explains the split, and the home insurance page covers house policies.
Ready when you are
Get your Port St. Lucie home quote today
Send your details once. A licensed Florida agent compares multiple carriers for Port St. Lucie, St. Lucie County and the Treasure Coast, and you decide.
