Allstate^® Landlords Package Policy offers two ways to settle covered losses:

Actual cash value may be lower than the cost to repair or replace your damaged rental dwelling since losses settled on an actual cash value basis may be deducted for depreciation. You may be required to purchase this policy based on your rental property’s age and condition.

Building structure reimbursement typically means your dwelling is covered for more than the actual cash value—up to your policy limits—if you repair or replace the damaged property within the required time period. But this means your rental property must meet age and condition requirements for eligibility.

Here’s how this reimbursement policy works:

You receive a check for the actual cash value for the damage to the rental property up to the policy limits.
If you repair or replace the property within the required time period, you’ll receive a separate check for the remaining amount needed to make the repairs or replacement, up to your policy limits.

Special payment in the instance when the loss to the rental dwelling is paid out without deducting the depreciation, is less than $1,500 and the property is not excluded from the building structure reimbursement provision.

If you have an Allstate Landlords Package Policy, review your coverage, limits and deductible on your policy declarations.