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Released: October 09, 2008
Help Desk FAQ
Homeowner
What does it mean to be ‘insured to value’?
This means that you have purchased an amount of homeowner's insurance that covers the actual cost to rebuild your home—not including the land. This value is based on an in-depth evaluation of your home, from the types of construction methods to the types of improvements you have made. Two houses in the same housing development may have the same layout, construction and location, but could be worth very different amounts if one has granite counters, marble floors, a spa tub and professional-grade stainless steel appliances. Standard estimates of replacement costs will not cover these additions if you were forced to rebuild after a disaster.
Do not assume you have this kind of homeowner's insurance. Call your agent or insurer to ask and if you do not have insurance that covers the actual value to rebuild your home, consider paying the additional amount required for full coverage.
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