For most of us, our home is the single
largest investment we will make.
Insuring your home to its replacement
value will mean that your damaged home
will be rebuilt and your destroyed
belongings will be replaced without
potential coinsurance penalties.
Personal reviews, using specialized
replacement cost calculators, will
determine the appropriate coverage’s for
your needs and budget.
Actual Cash Value
Valuation which is equal to the
replacement cost minus any depreciation
(ACV = replacement cost - depreciation).
It represents the dollar amount you
could expect to receive for the item if
you sold it in the marketplace.
The amount a policyholder must pay out
of pocket for a covered claim.
Generally, the higher the deductible,
the lower the premium will be.
Valuation which is the amount of
estimated decrease in property value due
to wear and tear, aging and other
A provision or document added to a home
insurance policy that changes the
original coverage offered in the policy.
Certain property, persons or
circumstances noted in a policy as not
covered by a home insurance policy.
Coverage provided for losses that an
insured person is legally liable for due
to negligence or other situations
outlined in a home insurance policy.
The exposure to or cause of a possible
loss, such as an injury, destroyed or
lost property, etc.
All tangible property (other than land)
that is either temporary or movable in
some way, such as furniture, jewelry,
Replacement Cost Coverage
Pays for the cost to replace damaged
property or structures, personal
property or items without factoring in
deductions for depreciation, but payment
is limited to a maximum dollar amount.