A home owner’s insurance policy covers everything that could happen to your home and its contents. It also covers liability from almost anything—fire, theft, hail. Usually, a home owner’s policy is the least expensive way to insure a dwelling.
When you buy home owner’s insurance, you need to be aware of the difference between actual cash value insurance and guaranteed [true] replacement value.
Actual cash value refers to the depreciated value of the items; guaranteed replacement means your contents and structure will be 100 percent replaced.
Guaranteed replacement is worth considering when you buy home owner’s insurance, even though it increases your premium.
When you buy home owner’s insurance, you need to be aware of the difference between actual cash value insurance and guaranteed [true] replacement value.
Actual cash value refers to the depreciated value of the items; guaranteed replacement means your contents and structure will be 100 percent replaced.
Guaranteed replacement is worth considering when you buy home owner’s insurance, even though it increases your premium.
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