Homes, Condos, Co-ops & Personal Property
Home, Condo, Co-op & Personal Property
No matter what or where you call home, it’s a major investment, both financially and emotionally. If anything disastrous should happen to your home, condo or co-op, you’d want an insurance policy broad enough to help repair, replace or rebuild it as it was before. The truth is that not all policies will do this. Insurance companies differ in the coverage they offer, the way they value your home and possessions, and the speed and thoroughness with which they settle claims.
What Features Do We Look for in a Homeowners Policy?
- Not all replacement cost provisions are the same. With extended replacement cost coverage, after a
covered loss a premium insurer will pay to have your home repaired or rebuilt to its original condition – even if the cost exceeds your policy limit.
- To pay for necessary upgrades required due to modern building codes.
- If you decide not to rebuild or to rebuild at another location, to be offered a cash settlement, up
to your policy limit.
- A generous Additional Living Expenses provision, should your home sustain major damage and you cannot occupy it, that allows you to maintain your standard of living while you must reside away from home.
Recognizing the Value of Your Valuables
Your home, condo or co-op is much more than just its walls and the roof. If the things inside are damaged, some insurance companies require you to replace each item before repaying you in full, and they may factor in depreciation on items you choose not to replace. With replacement cost coverage, your belongings are insured for the amount it costs to replace them today without deduction for depreciation, up to the limit you chose on your policy. And with some premium insurers, you are not required to replace items that are lost, stolen or damaged; you can choose cash settlement instead.
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