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Why buy home insurance?

  • Owners: To protect both your house and personal property.
  • Tenants: To protect your furniture and other personal property.
  • Everyone: Protection against liability for accidents that injure other people or damage their property.

How much home insurance do I need?

  • Property protection: The better the coverage, the less you will have to pay out of your own pocket if disaster strikes.
  • Self-protection: You need enough liability coverage to protect yourself from lawsuits resulting from your negligence.
  • Lender requirements: Your lender may require you to cover the house for at least the amount of the mortgage. This may be either too little or too much coverage for your individual circumstances. You are not required to purchase insurance from the insurer recommended by your lender.
  • Policy requirements: Insurers may impose some coverage requirements for replacement cost protection.

What is the difference between the "replacement cost value - (RC)" and the "actual cash value - (ACV)" of my property?

  • Replacement cost coverage pays to replace your home and belongings with materials of “like kind and quality” at current prices. Actual cash value policies reimburse the depreciated value: Replacement cost value minus depreciation = actual cash value.
  • A replacement cost policy will usually cost more. Some companies do not offer replacement cost coverage.

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