Home Insurance
There are 3 ways to insure the home structure
Replacement cost
This policy will pay the home insurance policy holder the cost of replacing or fixing a damaged home, without deductions or depreciation charges. This policy is limited to a maximum dollar amount.
Guaranteed replacement cost
This policy will pay the home insurance policy holder the cost of replacing or fixing a damaged home, without deductions or depreciation charges. This policy is not limited to a maximum dollar amount, and will usually cover the whole value of the home, even if the cost of repair exceeds the value of the house.
Actual cash value
This policy will pay the home insurance policy holder the cash value of the home in dollars. This amount is usually equal to the replacement value of the damaged home minus the depreciation of that home. These policies are usually cheaper, due to a smaller insurance sum.
Learn more about home insurance
3 ways to insure your home
Things a home insurance policy usually covers
Things a home insurance policy usually does not cover
Benefits of home insurance coverage
