It means that the insurance company is not guaranteeing you the replacement of your home if it burns down. For example, your insurance policy limit is $200,000, but the cost of replacing your home is $210,000, if you had a replacement policy, the insurance would pay for the replacement of your home despite the fact that your insurance limit is only $200,000. However, the insured value at the time of the loss is usually required to be at least 80% of the replacement cost before your policy is covered on a replacement cost basis.
Yes, every home insurance company out there already sells it
No, homeowners insurance is not a replacement for health insurance.
No, If you have a replacement valuation Home Insurance Policy then the company will pay the "replacement cost" The cost of replacement may or may not reach your policy limits depending on the loss.
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.
Boiler insurance isn't usually covered on standard home insurance. Boiler insurance covers repairs, parts, and possible replacement of your home boiler. Boilers can be costly to repair that is why the insurance is necessary.
yes, we are currently renting and our landlord's insurance paid for ours to be fixed
Home insurance. Insurance on your home.
no you need a separate endorsement - called Replacement Cost Coverage
You should have replacement coverage on both homes not the same coverage on both homes with the RC generated from only one home.
Homeowners Insurance means insurance covering a home that the owner lives in.
I have a mobile home and the furnace caught on fire and is now damaged does my homeowners insurance cover this as a replacement
It is a home you are buying to rent out, and you are only wanting insurance to cover the property not items