Replacement cost is the amount of money it would take to replace, repair or rebuild your home with materials of a similar kind and quality as the original without any deduction for depreciation.
Replacing your home and its contents can be expensive so it’s important your policy has replacement cost coverage for both the building and its contents. For example, if you television is stolen, your standard homeowners policy would cover the purchase price less depreciation. If your policy included replacement cost coverage, you are covered for the cost to replace the television. Depreciation or inflation would not matter.
While most personal property may be covered, antiques and other rare items are subject to the actual cash value provisions of the policy. Actual cash value is equal to the amount you would receive for the item if you sold in the marketplace.
Understand homeowners insurance is no easy feat but Florida Peninsula is here to make it easier. To answer any insurance questions you may have, visit the Learning Center or FAQ section of the website.
Call an agent today to find the best policy for your home.
If you are in the market for a new home insurance policy, we encourage you to consider Florida Peninsula Insurance Company as your preferred Florida home insurance company. Not only do we provide some of the most comprehensive homeowners insurance policies which protect you and your family when you need it most, we also offer great insurance rates to home and condo owners as well as those living in apartments with our renters insurance. You can’t go wrong with Florida Peninsula. You’ll be impressed with our fast, fair and friendly customer service and claims processing, all at great rates. We invite you to experience the Florida Peninsula difference. Come visit our website to learn more or to “GET A QUOTE NOW."