which home insurance companies offer a full replacement policy instead of the usual actual cash value policy?
this is for home insurance in New York
Most companies offer an endorsement for extended replacment cost which will cover for replacment up to a certain percentage above the stated amount for the dwelling. Erie offers a "Guaranteed" replacement cost. The key to any of these policies is to make sure your stated amount on the policy is a close estimate to current replacement cost (it changes with inflation, labor and materials cost). Most policies include a co-insurance clause which states they will only pay full replacement if the policy holder has insured their home within a certain percentage (80 or 90%) of the actual replacement cost. Remember too that replacement cost does not include the value of your land. If something happens to your home, the land will still be there.
Most companies offer an endorsement for extended replacment cost which will cover for replacment up to a certain percentage above the stated amount for the dwelling. Erie offers a "Guaranteed" replacement cost. The key to any of these policies is to make sure your stated amount on the policy is a close estimate to current replacement cost (it changes with inflation, labor and materials cost). Most policies include a co-insurance clause which states they will only pay full replacement if the policy holder has insured their home within a certain percentage (80 or 90%) of the actual replacement cost. Remember too that replacement cost does not include the value of your land. If something happens to your home, the land will still be there.
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