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  "recordType": "source",
  "id": "ny-dfs-cl-1991-06",
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  "contentVersion": "2026.08.31",
  "generatedFor": "2026-09-06",
  "operator": {
    "legalName": "WJB Services, Inc.",
    "dba": "Bollinsure Insurance Services",
    "license": "6013787",
    "licenseAuthority": "California Department of Insurance"
  },
  "license": "Text on this page may be quoted with attribution and a link to the canonical URL.",
  "notice": "Public page facts only. This record contains no visitor question, no tool input, and no identifier. It is not a coverage determination, an eligibility decision, or individualized advice.",
  "title": "Insurance Circular Letter No. 6 (1991): Proper Amount of Insurance Protection on Dwellings",
  "publisher": "New York State Department of Financial Services",
  "url": "https://www.dfs.ny.gov/industry_guidance/circular_letters/cl1991_06",
  "officialHost": true,
  "sourceType": "regulator-guidance",
  "authorityLevel": "regulator",
  "primary": false,
  "jurisdiction": "NY",
  "publishedDate": "unknown",
  "effectiveDate": "n/a",
  "accessedDate": "2026-08-31",
  "lastChecked": "2026-08-31",
  "updateCadence": "A 1991 circular letter; superseded or supplemented only by later New York guidance. Re-check its status on the DFS site before relying on it.",
  "status": "active",
  "supportsClaims": [
    {
      "claimId": "ny-dfs-cl-1991-06#c1",
      "canonicalUrl": "https://bestinsuranceresearch.com/sources/ny-dfs-cl-1991-06#c1",
      "checksum": "16230cbe4b90",
      "text": "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."
    },
    {
      "claimId": "ny-dfs-cl-1991-06#c2",
      "canonicalUrl": "https://bestinsuranceresearch.com/sources/ny-dfs-cl-1991-06#c2",
      "checksum": "8bd706c66bc1",
      "text": "This 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."
    }
  ],
  "reliedOnBy": [
    {
      "kind": "Question",
      "title": "What is the difference between replacement cost and market value?",
      "url": "https://bestinsuranceresearch.com/questions/replacement-cost-vs-market-value"
    }
  ],
  "reliedOnByCount": 1,
  "citation": {
    "text": "New York State Department of Financial Services. \"Insurance Circular Letter No. 6 (1991): Proper Amount of Insurance Protection on Dwellings.\" unknown. https://www.dfs.ny.gov/industry_guidance/circular_letters/cl1991_06 (retrieved 2026-08-31).",
    "viaThisSite": "BestInsurance Research source record ny-dfs-cl-1991-06, content version 2026.08.31. https://bestinsuranceresearch.com/sources/ny-dfs-cl-1991-06",
    "note": "Cite the underlying source when you can. Cite this record when you are describing our synthesis or our claim list."
  }
}