Home owners replacement cost coverage benefit

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Posted: Tue Mar 02, 2010 8:47 am Post subject: Home owners replacement cost coverage benefit

I've been told that a home replacement cost coverage would help us rebuild our home whenever a damage is caused. Will it help rebuild our roof if it gets damaged by fire? Is there anything called a "guaranteed replacement cost benefit" under such policies? _________________ Register Now to have your Insurance queries solved.

Duplexmorning

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Posted: Tue Mar 02, 2010 7:52 pm Post subject:

If you have replacement cost coverage versus ACV (actual cash value) coverage, then yes under the policy the roof would be replaced.

Trench

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Joined: 16 Sep 2009
Posts: 911

Location: Kansas City
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Posted: Wed Mar 03, 2010 10:12 am Post subject:

An Actual cash value policy will not replace the whole of your home. ACV is worth the fair market value. It's just an estimation of a buyer's pay out towards purchasing your home. _________________ Register Now to have your Insurance queries solved.

anonymous00

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Posted: Thu Mar 04, 2010 12:56 pm Post subject:

Hey, why don't you get an extended home replacement cost coverage? I'm sure it will help you more towards rebuilding your home by paying a certain % above the cap. _________________ AmPmInsure Blog

sil

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Joined: 30 Sep 2005
Posts: 483

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Posted: Fri Mar 05, 2010 7:25 am Post subject:

Quote:

I'm sure it will help you more towards rebuilding your home by paying a certain % above the cap.

The extended home replacement cost coverage is certainly a good option.
Once the building costs rise in your locality, the coverage will reimburse up to 25% above your policy limit.

steven

Senior member