How do you establish the cost of replacement for homeowners insurance policies?
Similar to how individual companies have different underwriting methods to determine rates, every insurer figures their replacement cost for a home differently. Some use tax records, mortgage info, average property values, and other data.
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Can insured party use their own coverage after not-at-fault accident?
I don't really have any resources for you. The uninsured driver who is at fault in the accident will be responsible for the damages.
Will my rate go up for filing a claim even if I have accident forgiveness?
It really will depend on how your previous accident was categorized. If you were considered to be at fault in the previous crash then your accident forgiveness was likely used during that particular claim.
Should I file a claim if my repair cost is $1,500?
In New Mexico, our State of Insurance report shows that an at fault accident increases rates by an average of $596 additionally per year. Since accidents impact your rate for at least 3 years, you would be paying an extra $1,788 in premium over that time frame.