Homeowners Insurance

Everything You Need to Know Before You Buy

Buying a home is a big deal and a significant investment. For most of us, our house is our biggest expense. It's where we relax, rest our heads at night, and probably work from now.

What Is Homeowners Insurance?

Homeowners insurance is an insurance policy that covers losses and damages to your home and assets in the house.

Three Types of Homeowners Insurance

There are different types of insurance coverages in the US, and depending on which one you choose, it will change the amount you might receive from a claim.

1. Actual Cash Value

With actual cash value coverage, you'd be covered for the cost (how much you paid) of your home and belonging after accounting for depreciation.

2. Replacement Cost

Replacement value policies are the same as actual cash value except it does not take depreciation into account.

3. Guaranteed (or extended) Replacement Cost/Value

GRC is the most comprehensive type of coverage. This type of coverage will allow you to receive the total cost of repairing or rebuilding your home.

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