Understanding Replacement Cost & Insurance Score
Replacement Cost: Why do people buy homes instead of doing new construction? The reality is it’s typically cheaper to buy an already built home than to build one yourself. Your insurance policy isn’t designed for you to buy a new home when there’s a claim; it simply will fix the one you have! This is why homes are often insured more than the purchase price.
Insurance Score: Fluctuating homeowners rates can complicate loan closings but just like your mortgage rate depends on a number of financial factors so will your home insurance rate. It’s not just what is being covered but who’s living there that determines the rate.
Watch this short video to get a better understanding:
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