About Home Owners Insurance - Replacement Cost Settlement
Go to >> Understanding Homeowners :: Restoration :: Ultra What would you do if you walked 'Intoyout home and mosfof your belongings were missing? Or damaged? Or destroyed by a fire? With your current Coverage, could you afford to buy new personal property?
Although you would receive an Actual Cash Value Settlement under your basic homeowners policy, would that enable you to replace your personal belongings at today's prices? Probably not!
Don't be caught short. ERIE's Replacement Cost Settlement on Personal Property Coverage gives you a full replacement cost settlement after a loss. The only cost you will incur is the deductible applicable to your policy.
Here's How It Works.
Let's say, for example, the items that were stolen or damaged totalled $8,000 at today's prices. The Actual Cash Value (replacement cost minus depreciation) happened to be $5,000. Therefore, in order to replace those exact items at today's prices, you would need to use $3,000 of your own money unless you were covered by ERIE's Replacement Cost Settlement on Personal Property. This full replacement cost settlement can literally save you hundreds-even thousands-of dollars should a serious loss occur. Even if your personal property is only damaged (not stolen or destroyed), you will be paid the full cost of repair without deduction for depreciation. (The only cost you will have is the usual deductible amount under your policy.) This coverage also applies to any Peril Insured Against under your homeowners policy.
Property Exclusions
Due to their unique nature, there are various personal property items that are excluded from a full replacement cost settlement such as:
- Antiques;
- Fine Arts;
- Paintings;
- Statues;
- Rare one-of-a-kind items.
However, this property is still insured by your basic policy on an Actual Cash Value basis.
Because of the extremely broad protection provided by our Replacement Cost Settlement on Personal Property Coverage, this coverage is not available for personal property in residences rented solely to others.
To learn more about this extra protection, call Advantage Insurance Agency.
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