Insurance Circular Letter No. 6 (1991): Proper Amount of Insurance Protection on Dwellings
Published by New York State Department of Financial Services. Jurisdiction NY.
Exactly what this source supports
These are the only claims this record is used to carry anywhere in the library.
Replacement cost represents what it would take to rebuild the building at its present location, while market value includes non-insured elements of the property, such as land and foundation.
claim ny-dfs-cl-1991-06#c1This New York circular letter states that claims settlement, coverage and, therefore, pricing should be predicated upon the dwelling's replacement cost, not the property's market value, mortgage, land, or foundation.
claim ny-dfs-cl-1991-06#c2
Each claim above has its own address. Link to a single claim with/sources/ny-dfs-cl-1991-06#c1, and read the same list with its identifiers, checksums and dates at ny-dfs-cl-1991-06.json. A checksum lets you tell whether a claim you cited still says what it said.
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Reviewer notes
Added on 2026-08-31 to give the replacement cost versus market value distinction a second regulator source. Fetched and confirmed live on the DFS circular letter index. Jurisdiction is New York, not California, and it is cited here only for the definitional distinction. Claim 2 is recorded because it is what the letter says, but it is New York regulator direction from 1991 and is not cited in the prose as a rule applicable anywhere else. Published: 1991-03-06