Homeowners Insurance: Everything You Need to Know Before You Buy

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.

Our homes are essential pieces of our lives, and if something were to happen to them, it would need to get fixed.

What Is Homeowners Insurance?

Homeowners insurance is an insurance policy that covers losses and damages to your home and assets in the house.

Three Types of Homeowners Insurance

There are different types of insurance coverages in the US, and depending on which one you choose, it will change the amount you might receive from a claim.

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).

Replacement Cost Replacement value policies are the same as actual cash value except it does not take depreciation into account.

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