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Insurance Insights

Replacement Cost vs. Market Value

What is Full Replacement Value

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One of the biggest questions consumers have regarding homeowner's insurance revolves around the amount of insurance to have on their home. Many assume the amount of dwelling coverage will be equal to the amount they paid for their house. That is not always the case.

There are different methods to determine the value of a house. Market value is the price paid for your house. Replacement cost is the price or cost it will take to rebuild your house in the same spot, same size and same quality of construction, at today's costs.

Insurance carriers insure homes for full replacement value, not the current market value.

Please check out this article for more insight and become better educated on homeowner's guaranteed replacement coverage.

For more information, call us at 203-637-1006 and we will connect with one of our advisors.

Posted 7/16/2019

Understanding Condo and Co-op Insurance

Insurance for co-ops and condos is alot more complicated than homeowners insurance.  When investing in these types of properties, it is important to understand the full implications of your responsibility and how it works and how it relates to your association insurance coverage.  It's important to know what your responsibility will be if you have a claim. 

Check out this article for more information, details and great examples of how to navigate this type of insurance if you own a condo or co-op.

More about Condo and Co-Op Insurance

 

Posted 4/11/2019

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