no you need a separate endorsement - called Replacement Cost Coverage
Homeowners insurance should I pay for 100 percent replacement cost
Actually you can't just add it. For rented property you need Dwelling coverage. Your homeowners insurance policy becomes automatically null and void when the property is rented out to another. You can have your agent endorse your policy for rental dwelling coverage or you can have your agent re-write the policy on the appropriate dwelling coverage form. Homeowners insurance is for owner occupied homes. Dwelling insurance is the landlords insurance for rented properties
I am looking for the answer to verified replacement cost
No. Skylights would not effect the cost of homeowners insurance.
Go to your insurance agent and ask him or her to complete the computer based replacement cost estimator. You can sit down with them for about 20 minutes and they can give you a very good idea of the cost and whether or not you have an appropriate amount of coverage on your home. There are real serious penalties involved if you do not carry enough insurance coverage.
The ONE THING to be sure of when buying home owners insurance is to make sure it covers "Replacement Cost" of anything lost..
Yes, but generally at Actual cash value (either market value or replacement cost minus depreciation) instead of replacement cost. However, the insurance company will generally pay to reconstruct at another location.
A homeowners Dwelling Policy (DP) can be purchased with or without replacement cost valuation. It just depends on what coverage you purchased when you bought your policy.
To the insurance company, your mortgage balance has no impact on how much insurance coverage you need for your home. Homeowners insurance is based on the replacement/reconstruction cost of your home.
Sure, insurance companies are delighted to sell higher priced policies, but they will only pay UP TO the value of the dwelling BEFORE the damage occured.
It doesn't. Neither Homeowners insurance nor Renters insurance provides coverage for damages incidental to or resulting from from our election of pet ownership.
Yes, If the system was damaged by a covered peril and can be repaired then thats what the company will do. If it can not be repaired or of the cost of repair exceeds the cost of replacement then they will pay for replacement.