How much do you know about your homeowner’s insurance policy?
Insurance can be confusing and overwhelming—but taking the time to ensure you have the coverage you need can save a lot of heartache.
One of the most important factors to understand is how you will be reimbursed for a covered loss. There are two primary coverage options:
Replacement Cost – Reimburses you for the current cost of rebuilding, repairing, or replacing your damaged property
Actual Cash Value – Reimburses you for the replacement cost minus depreciation, which means the reimbursement amount will be reduced to account for the property’s age and typical wear and tear
While a policy with Replacement Cost coverage is typically more expensive, it offers a higher level of protection against loss.
Are you in the market for homeowner’s insurance? Contact us for a referral to a trusted insurance broker who can explain your options.
[Laurie: 514.575.7984] [Shapoor: 514.295.8787]