A Quick Education On Actual Cash Value And Replacement Cost
Its sad but true many people only purchase homeowners insurance because theyve borrowed the money to pay for their home and their lenders require them to purchase a homeowners insurance policy until the home is completely paid for. Therefore, not everyone who purchases a homeowners insurance policy puts much thought into the ins and outs of the homeowners insurance policy they purchase.
If youre one of these people, you may not be familiar with the actual cash value coverage and replacement cost coverage offered by homeowners insurance policies; therefore, you might want to take the following information as a quick education on actual cash value coverage and replacement cost coverage.
There are two basic ways you can be compensated by your homeowners insurance policy. You may be compensated by the actual cash value or on a replacement cost basis.
If your home or any of its contents are damaged or lost due to a factor covered under your homeowners insurance policy, you may choose to be compensated by actual cash value coverage. This means youll be paid the depreciated value of your damaged...
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