Compare Homeowners Insurance Providers
Coverage you can count on, premiums you can afford
What Is Homeowners Insurance?
Homeowners insurance provides financial protection to homeowners in the event of damage or loss to their property, as well as liability for injuries and damage that may occur on their property. What’s covered? • Property damage from fire, theft and weather-related incidents • Coverage for your possessions • Personal liability to protect you from accident-related damages and lawsuits • Financial help if you need to move during repairs Think of it as a financial safety net for your most significant investment.
What Type of Homeowners Insurance Should I Get?
Most homeowners insurance policies either offer replacement costs or actual cash value.
Replacement cost is the amount it would cost to rebuild or repair a damaged or destroyed home with materials of similar kind and quality, without deducting for depreciation. In other words, it is the cost of replacing the property with a new one. Replacement cost coverage tends to be more expensive but offers greater protection.
Actual Cash Value
Actual cash value is the value of the damaged or destroyed property, considering depreciation — the decrease in value that occurs over time due to wear and tear, age, and other factors. Actual cash value coverage is less expensive but may provide less protection since it only covers the property's value at the time of loss. It's important to note that the choice between replacement cost and actual cash value coverage can significantly impact the amount of compensation you’ll receive in the event of a loss. Carefully consider your options and choose the coverage that best meets your needs and budget.