This files consists of content for the following categories for the dropdown on the left; What is Homeowner's Insurance? What is a Standard Policy? Are there different policies?
Whether you own your own home or rent, no matter the style, size or location Ins-Policy has the insurance product to fit your requirements.
Insurance that protects homeowners from Casualty losses or damage to the home or personal property and from liability damages to other people or property. Often called hazard insurance, a lender required policy required at closing whereby an insurer agrees to compensate the borrower and or lender for loss on a property due to certain catastrophic elements (for example, fire).
Home Owners Insurance offers three levels of protection
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 replacement value at the time of loss, minus the depreciated amount.
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 $250,000 and it has a $300,000 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 $300,000 of the rebuilding costs.
3. Guaranteed Replacement
This means there's no cap or maximum pay-out amount with guaranteed replacement coverage. For example, if your home is worth $250,000, and is destroyed in a fire guaranteed replacement coverage would enable you to restore the home to its $250,000 condition. This type of coverage provides the most protection, however it may cost more. For a quick and easy estimate of the cost to replace your home go to the Ins-Policy home Insurance Calculator.
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