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Actual Cash Value Homeowners Insurance: A Complete Guide (2024)

Home insurance claims may be paid in one of two ways, actual cash value or full replacement cost. Of the two, actual cash value has the lowest premiums, but full replacement cost provides a more accurate settlement. To give you an idea of why actual cash value insurance costs less, it might help to explain what this type of insurance settlement means and why it is set up the way it is.

Home insurance claims may be paid in one of two ways, actual...

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Replacement Cost Homeowners Insurance: A Complete Guide (2024)

The two ways that an insurance policy can be written for payouts is for actual cash value and replacement cost. Actual cash value pays out a depreciated amount that takes the age and condition of the insured item into account, while full replacement cost will pay to repair or replace the item no matter what condition or age it is.

The two ways that an insurance policy can be written for pay...

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Best Home Insurance for Renovations in 2024 (Find the Top 10 Companies Here!)

If you are planning to make changes to your home or undergo renovations, it is important that you also keep your home insurance in mind. Notify the insurance company ahead of time that you plan to make changes, and how they will affect home's value. By conforming to the requests of the insurance company, you can eliminate the possibility of having a future claim denied.

If you are planning to make changes to your home or undergo ...

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Insurance-to-Value (ITV) Ratio: Homeowners Insurance Terms Explained (2024)

The insurance-to-value ratio is a way to calculate whether or not a home is properly insured. It is the ratio of the amount of insurance coverage you have on your home compared to replacement cost of your home. The reason this is important is two-fold: if the ratio is too high, you are probably spending more than you need to on your home insurance, and if the ratio is too low you could be faced with huge out of pocket expenses if you suffer a loss, even one that damages but does not destroy the home.

The insurance-to-value ratio is a way to calculate whether o...

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Thunderstorm & Severe Weather Homeowners Insurance: A Complete Guide (2024)

Severe weather, including lightning, high winds and strong rains are common throughout the country. Most standard home insurance policies this type of storm, but there are exceptions, and it is the responsibility of the homeowner to make sure that their policy covers all of the perils which might be faced by their home.

Severe weather, including lightning, high winds and strong r...

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Tropical Storm Homeowners Insurance: A Complete Guide (2024)

Tropical storms are common in the southeast, and have been known to strike as far north as Maine and inland as far as Illinois. In most places, the storm is limited to the status of any other severe storm, and a standard home insurance policy will cover most damages, but the occasional strong tropical storm has the potential to bring severe flooding with it, and that is an area where the average homeowners policy will leave you without any recourse.

Tropical storms are common in the southeast, and have been k...

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Is stolen cash covered by Medicare?

Even though a home insurance policy includes personal property, do not rely on your home insurance to replace cash that was stolen in a robbery or burglary. It is not so much a question of having the coverage; it is a question of being able to proof the possession of the cash before it was stolen.

Even though a home insurance policy includes personal proper...

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Cheap Homeowners Insurance With Bad Credit in 2024 (Save With These 10 Companies!)

You may not realize it, but your credit score has a definite impact on what your home insurance rates will be. Even worse, if you have an extremely low credit score the cost of insurance may be too high to afford, or not even available through traditional insurers. Insurance companies use your credit score as an indication of how well you can be counted on to pay your premiums, so a higher credit score is always going to save you money.

You may not realize it, but your credit score has a definite...

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Riot, Terrorism and Civil Disorder Insurance: A Complete Guide (2024)

Since the incident on 9/11, terrorism and civil unrest have become important considerations for homeowners, especially in dense population centers. And since most home insurance policies do not include riots, terrorism or civil disorder by default, it is up to each homeowner to determine if they need such coverage and to purchase it separately.

Since the incident on 9/11, terrorism and civil unrest have ...

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How to Document Damage for Homeowners Insurance Claims (2024)

If you have to file a claim on your homeowners insurance policy, it will help you considerably if you provide enough documentation to back up your claim. Documenting the damage for your home insurance company includes having multiple estimates, providing receipts and other proof of ownership, showing the insurance company that the damaged items were in your home inventory, and documenting the total amount you claim for loss of use.

If you have to file a claim on your homeowners insurance pol...

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Townhouse Homeowners Insurance: A Complete Guide (2024)

Whether you want to call it a town house, town home, row house, brownstone or other name, the insurance it requires is just as much as any other living space would. Those who make the choice to live in a townhouse have basically compromised between apartment living and living in a house. It is a cozy living for many and a great way to not have to select one or the other permanently. It is basically a compromise that works out well, particularly for small families or single individuals.

Whether you want to call it a town house, town home, row hou...

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Best Homeowners Insurance for Older Homes in 2024 (Top 10 Companies)

Many people love the quaint architectural details that come with older homes. Stained glass windows, wide hardwood floor boards, and other period touches lend a certain something that you just can't find in modern homes. Unfortunately, it's these same details that can make it incredibly difficult to find an insurance policy. In fact, some insurance companies refuse to offer policies for homes that are older than 100 years. If you're thinking about purchasing an older home, educate yourself about the insurance process.

Many people love the quaint architectural details that come ...

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How To Take a Home Inventory (2024)

Your home inventory is your best chance to regain losses of your personal property if something happens to your home. But in order for the home inventory to benefit you, it must be kept up to date and include everything you want to protect. When you complete the home inventory, make a copy and send it to the insurance company, but retain the other company for your own use.

Your home inventory is your best chance to regain losses of ...

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Contents Insurance: A Complete Guide (2024)

Contents insurance is the type of coverage necessary to protect your personal property against many types of damage as well as theft and vandalism. This type is more commonly referred to as personal property insurance in the United States, while it is known as contents insurance in other English speaking countries. Most standard homeowner's policies include coverage for the contents of the home, but the limits tend to be only a small percentage of the policy value.

Contents insurance is the type of coverage necessary to prot...

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Home Features That Can Make Homeowners Insurance More Expensive

When shopping for a new home, you might not consider the ways that some of the factors that most attract you to a particular home are also the ones that can drive your homeowners' insurance premiums up. After all, most people aren't thinking about how much insurance is going to cost when they make an offer on a home. If you're the type of person who wants a pool or wants a classical but older home, there may be little you can do to avoid these higher premiums, but knowing about all of the other potential reasons for higher premiums could make some homes a little less attractive. It can also make you think twice about making any home improvements that could increase premiums.

When shopping for a new home, you might not consider the way...

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Home Fire Safety Guides and Educational Resources

Although home fires have decreased drastically over the last thirty-five years, they still happen frequently. In fact, over 369,000 home fires occur in the United States each year, resulting in $6.8 billion worth of damage. Many of these fires are preventable, but some are not. Learn about the steps you can take to keep your family safe in the event of a fire, because when it comes to home fires, preparation can mean the difference in life and death.

Although home fires have decreased drastically over the last...

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Co-op Insurance: A Complete Guide (2024)

If you live in many parts of rural or suburban America, you may never have heard of cooperative housing, sometimes also known as a co-op apartment. While this type of housing arrangement is becoming increasingly popular lately, co-ops have been around for the last several decades in areas like Washington, D.C. and New York City. In cities with a high cost of living such as these, co-ops have been helping people purchase homes where they might not otherwise be able to afford one.

If you live in many parts of rural or suburban America, you ...

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