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Posted on May 18, 2021

UNO Insurance Agency

Here at UNO Insurance Agency, we like to keep our clients and potential new customers informed. Sharing valuable information to help them stay protected is very important to us! Located in Phoenix, we like to take care of our community.

There are several forms of homeowners insurance that have become standardized in the industry:

There are essentially three levels of coverage.

Actual cash value:
Actual cash value covers the cost of the house plus the value of your belongings after deducting depreciation (i.e., how much the items are currently worth, not how much you paid for them).

Replacement cost
Replacement value policies cover the actual cash value of your home and possessions without the deduction for depreciation, so you would be able to repair or rebuild your home up to the original value.

Guaranteed (or extended) replacement cost/value
The most comprehensive, this inflation-buffer policy pays for whatever it costs to repair or rebuild your home—even if it's more than your policy limit. Certain insurers offer an extended replacement, meaning it offers more coverage than you purchased, but there is a ceiling; typically, it is 20% to 25% higher than the limit.

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