The Variations in Replacement Costs as a Part of Homeowners Insurance Coverage
Posted on:
23 February 2017
You have probably heard that you can insure your home for its replacement value, which means your insurer will pay to reconstruct your house if it's destroyed by a covered risk. However, this is a generalization because nobody can foresee how much your house will cost to construct in the future. That is why insurers have come up with these three different solutions:
Replacement Cost
Conventional replacement cost ensures that your house is replaced or repaired as long as the repair or replacement cost doesn't exceed a preset dollar limit.
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