Is home insurance based on the value of the house?
Is home insurance based on the value of the house?
The actual cash value in a homeowners insurance policy is based on the market value or the initial cost of your home and personal property with depreciation considered. Dec 8, 2021
What does underinsured mean?
Being “”underinsured”” means a person has insurance coverage, but the limits may not be high enough to cover the full expenses of a claim.
What does 100 replacement cost mean for insurance?
Replacement Cost Coverage When you insure your home to 100% of its replacement cost value, some insurance companies will offer the benefit of extended replacement cost. This provision will pay beyond your policy limit should the amount at the time of loss not be adequate.
