Be prepared if the unfortunate occurs to your home, by knowing if you have Replacement Cost coverage or Actual Cash Value coverage.
Replacement Cost means you will be covered for the cost of replacing or repairing your home or possessions up to your coverage limits. There is no depreciation involved with Replacement Cost. Actual Cash Value is Replacement Cost minus depreciation. If you have Actual Cash Value, you will get very little from the insurance claim because of the deduction for depreciation based on the age and condition of what was lost or damaged.
It is your choice to make - take the time to review your policy and know what is stated in your policy - before something happens.
To further protect you and your home - make sure you have a Home Inventory completed. For further information on a Home Inventory, visit www.jlksystems.com