Homeowners Insurance

How do you establish the cost of replacement for homeowners insurance policies?

Similar to how individual companies have different underwriting methods to determine rates, every insurer figures their replacement cost for a home differently. Some use tax records, mortgage info, average property values, and other data.

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General Insurance

Stated value vs replacement cost

Stated value coverage is used for vehicles that are worth more than the Kelley Blue Book value. It is what your insurance companies rates the vehicle, but not necessarily what they will pay you if your vehicle was totaled.

General Insurance
Homeowners Insurance

What is the difference between actual cash value and replacement cost coverage?

There is a huge difference between the two valuation types when it comes to homeowners insurance. Replacement cost coverage means you would receive the amount of money it would take to replace your personal items (like a camera, for example) brand new.
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