When comparing your homeowners insurance quotes in Connecticut, be sure to compare policy terms and conditions with like terms and conditions. If you find a major disparity in insurance quotes, it might be a result of different property valuation clauses.
With homeowners policies, insurance companies normally use one of two types of valuation when determining the amount they will pay at the time of a loss. Check your policy to see which of the valuations is used because it will make a difference in your insurance premiums and your claim reimbursement check. The valuations are as follows:
Actual Cash Value (ACV): With this type of valuation, the insurance company will take the current replacement cost of your home and deduct your homes depreciation value. If youre living in an older home, the depreciated value of your home may differ greatly from the current market value.
Replacement Cost: With replacement cost, the insurance company will reimburse the amount it costs to rebuild or replace your home using materials of the same kind and/or quality to that used in the house prior to the loss. Depending on the age of the home, certain materials may no longer be...
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