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Thread: Market Value & Reinstatement Value ?

  1. #1
    PolicyWala Newbie
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    Unhappy Market Value & Reinstatement Value ?

    I am applying for home insurance for my society flat. While filling up the proposal form there was a term Market Value & Reinstatement Value. After discussion with my agent, I have ticked at the column next to Reinstatement Value. But still I am confuse, whether I have selected the right choice.

    Please advice -
    1- What is difference between Market Value & Reinstatement Value?

    2- Which option we have to select?



  2. #2
    Moderator Expert's Avatar
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    Quote Originally Posted by KapilPrateek View Post
    1- What is difference between Market Value & Reinstatement Value?
    2- Which option we have to select?
    Market Value : Market value of the home is the one which arrived at after applying the depreciation for the age and the salvage value.

    Re-instatement Value: Reinstatement value of the product is the one which prevailing as on the date of replacement.

    For building go for market value and for contents Re-instatement Value.
    * SAFE
    Self Appointed Financial Expert

  3. #3
    PolicyWala Expert Policy_expert's Avatar
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    Pune
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    Go for Reinstatement value.
    'When someone shares something of value with you and you benefit from it, you have a moral obligation to share it with others.'


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