Homes are one of the largest purchases that you make in a lifetime. As a homeowner, being open to learn the best ways to protect your investment is key to choosing the right coverage for you and your family. Unfortunately, many homeowners do not learn the difference between Actual Cash Value, Replacement Cost and Depreciation until a claim occurs.
As a homeowner, these options are very important to consider. The most comprehensive way to replace an item or rebuild a home is utilizing a Replacement Cost Value. The additional cost of a Replacement Cost policy vs an Actual Cost Value policy is minimal compared to the possible loss of reimbursement with an Actual Cost Value claim.
Potential Real-World Example:
A $15,000 roof that is 10 years old and the home policy has a $1,000 deductible.
Have you evaluated what your home policy covers and the potential out-of-pocket costs that you could be subjected to? It is better to know what to expect in the event of a covered claim than to be caught by surprise. At AssuredPartners, we educate clients regarding the differences of these and how they impact the amount of the payout. To learn more, visit AssuredPartners Personal Insurance.
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