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All homeowners insurance policies are not alike. They pay varying amounts of coverage to replace your home and personal belongings.

The 3 most common levels of coverage are:

  1. Actual Cash Value
    Your house or property is covered for the depreciated amount of the actual value at the time of loss.
  2. Extended Replacement Cost
    Your house or property is covered up to a specified amount or cap. For example, assume the dwelling coverage in a policy is $100,000 and it has a $150,000 cap. If there were a fire and it was determined at the time of loss that the home needed to be rebuilt, then extended replacement cost coverage might pay up to $150,000 of rebuilding costs.


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Last modified: January 12, 2004