Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis. When “actual cash value” is used, the policy owner is entitled to the depreciated value of the damaged property. Under the “replacement cost” coverage, the policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices.
Related FAQs
There are a number of things you can do to lower the cost of your homeowners insurance. The easiest thing to do is get a comprehensive review of your ...
The typical homeowners policy has two main sections: Section I covers the property of the insured, and Section II provides personal liability coverage for the insured. Almost anyone who ...
Here’s a checklist of things you should consider when you purchase homeowners insurance: Determine the amount and type of insurance that you need. The coverage limit of your house ...
Let's Find the Right Coverage for You
Talk with a local agent in Cleveland or request a free quote. It only takes a few minutes, and there's no obligation.
Call Our Cleveland Office
Prefer to talk it through? Our licensed agents live and work in Cleveland, TN, and they'll walk you through your options one-on-one.
