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* Guaranteed replacement cost with a cash settlement option, allowing customers to choose when and where to rebuild in the event of a total loss
Ask your agent about guaranteed replacement cost policies that can cover the cost to rebuild a home in today's dollars following a covered loss."
Guaranteed replacement cost policy -- If you purchased a guaranteed replacement cost policy, and have met the company's "insurance to value" requirement (the actual cost in today's market to replace your home), the company will pay the full cost to repair or rebuild your house, even if it is more than your policy limits.
* Guaranteed Replacement Cost Policy - pays the full amount to rebuild your home whatever the ultimate cost.
Specialist insurers typically offer guaranteed replacement cost or at least extended replacement cost with coverage extensions in higher risk areas, to help ensure that a home can be rebuilt in like kind and quality when the cost to do so exceeds policy limits.
The $155,000 is evidently what she may receive if the carrier's proprietary "guaranteed replacement cost" endorsement kicks in.
However, the principal of indemnity is relaxed when insurance contracts provide for replacing older used property with new property (see discussions on pages 264-265 of replacement cost, extended replacement cost, and guaranteed replacement cost).
Policies with guaranteed replacement cost coverage, which provides coverage above the policy's coverage limits, also can help homeowners recover from a wildfire.
"It's important to insure for those amounts because it's difficult today to get a guaranteed replacement cost," he says.
Investigate buying a guaranteed replacement cost policy that will pay to rebuild your house, including improvements, at today's prices, regardless of the limits of the policy.
* Buy a policy that provides guaranteed replacement cost. Don't settle for coverage that might pay only for the current, perhaps depreciated, market value of a home or its contents.
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