Buying a home is a big deal and a significant investment. For most of us, our house is our biggest expense.
But, more importantly, our house is our home. It’s where we relax, rest our heads at night, probably work from now, and it’s what keeps us, our family’s, and all of our stuff safe.
Our homes are essential pieces of our lives, and if something were to happen to them, it would need to get fixed. Issues vary from minor fixes to major problems.
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At its core, homeowners insurance is an insurance policy that covers losses and damages to your home and assets in the house. A typical homeowners policy typical covers:
– Damages to the exterior of a home – Damages to the interior of a home – Loss or damage to personal assets – Injuries that occur on the property
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 (how much the house and belongings are currently worth).