A Quick Education on Actual Cash Value and Replacement Cost - July 12, 2008 -

Its sad but true many people only purchase homeowners insurance because theyve borrowed the money to pay for their home and their lenders require them to purchase a homeowners insurance policy until the home is completely paid for. Therefore, not everyone who purchases a homeowners insurance policy puts much thought into the ins and outs of the homeowners insurance policy they purchase.

If youre one of these people, you may not be familiar with the actual cash value coverage and replacement cost coverage offered by homeowners insurance policies; therefore, you might want to take the following information as a quick education on actual cash value coverage and replacement cost coverage.

There are two basic ways you can be compensated by your homeowners insurance policy. You may be compensated by the actual cash value or on a replacement cost basis.

If your home or any of its contents are damaged or lost due to a factor covered under your homeowners insurance policy, you may choose to be compensated by actual cash value coverage. This means youll be paid the depreciated value of your damaged property. One reason people opt for actual cash value coverage because they cant, or dont want to, replace the property that has been damaged.

On the other hand, if your home or any of its contents are damaged or lost due to a factor covered under your homeowners insurance policy, you may choose to be compensated by replacement cost coverage. This means youll be compensated the amount of money it will take to replace the property that has been damaged or lost. The amount youre given is usually the amount it will cost to replace the damaged or lost property at its current price. You will be given the amount it will take to replace the damaged or lost property with another that is similar in type and quality of the one that was damaged or lost.

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