Are there different types of coverage?
There are two basic types of coverage. 1. “Replacement cost” coverage can be from 100% to 150% of the face value of the policy depending on endorsements. With replacement cost coverage damage would be replaced with new, like kind and quality. Replacement cost coverage can be available for A. the structure of your home, B. the contents, and C. the roof. Each coverage is separate in the policy. 2. An “actual cash value” (ACV) policy includes depreciation. The older your possessions are, the less you will get if they are damaged. ACV coverage will not be enough to rebuild the home or replace the roof.
