When you switch your insurance from the owner occupied homeowner insurance to the non-owner occupied rental property insurance you’re shocked to find out that the cost is more.
Should I have replacement cost or actual cash value property insurance?
There are instances where it makes sense to have an Actual Cash Value policy versus a Replacement Cost policy. Many contractors who can do most replacements themselves or who have bought a building for very cheap and not interested in rebuilding upon a total loss may not want a Replacement Cost policy.
What is coinsurance and how does it affect my building insurance?
Co-Insurance can have a drastic affect on how an insurance loss is valued because not meeting coinsurance requirements can mean you receive payment based on Actual Cash Value instead of Replacement Cost.
Is Hail Damage Covered on My Homeowners Insurance Policy?
A Broad or Special form policy will provide coverage in most cases. However, if you have a Basic or Fire Only homeowners insurance policy it is very likely you will not have coverage.
