Augusta
VIP Contributor
Home insurance is a necessity for home owners as it protects the home and ifs possessions against damage or theft.
So when it comes to homeowners insurance policy there are about three levels of homeowner insurance which are:
Actual cash value
When it comes to Actual cash value, it is to covers the cost of the house and the value of the belongings herein. The value is determined after reducing depreciation from the present worth of the home
The Replacement cost
Unlike the actual cost value the replacement value policies coverage is for the actual cash value of the home with its possessions without the subtraction of depreciation,
So the insurance company gives the full value of the home at any occurrence an insured will get back the home back to the original value.
Extended replacement cost
This is another level in the home insurance policy and it is the most comprehensive, it is comprehensive as it pays for whatever it costs to repair or rebuild the home
The extended cost covers even more than your policy limit. Some insurance companies gives an extended replacement, this is to say that they gives more coverage than what an insured bought.
Which of this levels do you think it is the best for a home owner?
So when it comes to homeowners insurance policy there are about three levels of homeowner insurance which are:
Actual cash value
When it comes to Actual cash value, it is to covers the cost of the house and the value of the belongings herein. The value is determined after reducing depreciation from the present worth of the home
The Replacement cost
Unlike the actual cost value the replacement value policies coverage is for the actual cash value of the home with its possessions without the subtraction of depreciation,
So the insurance company gives the full value of the home at any occurrence an insured will get back the home back to the original value.
Extended replacement cost
This is another level in the home insurance policy and it is the most comprehensive, it is comprehensive as it pays for whatever it costs to repair or rebuild the home
The extended cost covers even more than your policy limit. Some insurance companies gives an extended replacement, this is to say that they gives more coverage than what an insured bought.
Which of this levels do you think it is the best for a home owner?
