Homeowners insurance is a requirement for most mortgage companies and it plays a huge role in protecting not only your physical property, but it can help provide you with much-needed peace of mind as well. Homeowners insurance policies typically cover both exterior and interior damage to your property and the loss or theft of possessions.
Three Coverage Levels
There are three different coverage levels from which you can choose when deciding what homeowners insurance policy is right for you. After we compile a variety of insurance quotes in Chicago for you, you’ll receive specific information about the levels of coverage that you can choose.
Actual Cash Value
This refers to the cost of the house in addition to the value of your belongings. Keep in mind that your items will be valued based on their depreciated value instead of the price that you originally purchased them.
In the case that your items are damaged or stolen, the replacement costs help cover the cash value of your home without factoring the deduction for depreciation. Replacement costs allow you to make repairs on your home to help elevate it to the original value.
Guaranteed Replacement Cost
This is the most elevated version of coverage and pays whatever it takes to either repair or rebuild your home. Your policy limit does not factor in with this type of coverage.
Contact Us to Learn More
If you aren’t familiar with homeowners insurance or you aren’t sure where to find competitive insurance quotes in Chicago, rely on our team at Insured ASAP. We can provide you with a comprehensive list to help make it easier than ever to find affordable insurance options.