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If you have a good comprehensive homeowner’s policy, you might think that you are completely covered in case of a catastrophic loss. But did you know that under many policies you may still be responsible for a large portion of the bill after your home is destroyed. In fact, there are four different replacement cost options that your homeowner’s insurance policy might offer. Below, we define each of these types of coverage and tell you why you should select Guaranteed Replacement Coverage or if this is not available, Extended Replacement Coverage for homeowner insurance.
- Guaranteed Replacement Coverage: This is the most comprehensive homeowner’s insurance coverage. If your home is heavily damaged or destroyed, your insurance will pay for the entire cost of repairing and/or rebuilding no matter what your insurance limit. Unfortunately, this type of coverage is no longer readily available. You will likely have to settle for one of the three types below instead.
- Replacement Coverage: This coverage will pay for the cost of rebuilding your home up to the policy amount. For example, if you have a policy with $200,000 of coverage and your home is totally destroyed, your insurance will pay up to $200,000 in repairs for a covered loss.
- Extended Replacement Coverage: This type of coverage is the most comprehensive of the widely available plans. Extended replacement coverage will cover repairs up to the policy amount, but will, depending on the replacement percentage you select, cover an additional 25% – 200% of the policy amount for a covered claim. This additional coverage can pick up some of the extra cost if your repairs exceed your policy coverage amount.
- Actual Cash Value Replacement Coverage: This type of coverage will pay for the actual original cash value of the damaged portions of your home. This type of coverage will generally not cover the entire current cost of fixing your home. This is not recommended and is typically only offered when buildings are very old and are not well taken care of or updated.
Please call your knowledgeable broker at TMIB who can help you determine what coverage you currently have and assist you with obtaining broader coverage if necessary. We can be reached at 310-828-9662.
These days, you have a choice to purchase insurance from a broker or directly from an insurance company. While it might seem intuitive to cut out the middleman and shop directly from the insurer, you may receive significantly better coverage and options when buying your insurance through a local broker. Below, we have listed four ways that buying your insurance through a broker will provide service and better deals.
More Options – Independent brokers represent many insurance companies and are not tied to one specific insurance company and its products.
- Better Savings– While you might think that cutting out the middleman will reduce your insurance costs, having a licensed insurance broker will often significantly reduce your overall costs. When you purchase your insurance directly from the insurance company, you only have one choice for your policy(ies). Brokers like Tegner-Miller Insurance Brokers can sift through the many types of policies available from different insurance companies and find a plan that fits your needs.
- Knowledge– Many people who purchase insurance directly from the insurance companies do so without the help of a broker. Unfortunately, most people do not have the specialized knowledge to sort through the plethora of policies, endorsements and risks involved in insurance choices. TMIB’s licensed professionals can help you select a policy that is appropriate for your needs.
- Personalized, local knowledge- Tegner-Miller Insurance Brokers has been serving the Los Angeles area since 1902. Although we have grown considerably over the last century, we continue to be your ‘neighborhood broker’ and are on a first-name basis with many of our clients. We even make ‘house calls’!
We look forward to speaking with you soon and assisting you with your insurance needs. Please call us at 310-828-9662.
But we also understand the importance of keeping causes at the forefront of our minds year-a-round. We’ve all had family or friends that have been effected in some way by health issues that we don’t have the solution for or take time, energy and support to overcome.
This is a reminder to wear those stache’s proud!