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If you lost everything in a catastrophic event, how much does your homeowner insurance policy cover? With QBE Farmers Union Insurance Replacement Cost Coverage the full cost is covered.
Standard Homeowners Insurance normally covers your residence and possessions on an Actual Cash Value (ACV) basis. This means that it covers the cost to repair or rebuild the structure and to replace your possessions less depreciation for the age of the home and your possessions. In the event of a large loss you could be left with a steep bill to cover the difference between what your insurance policy pays and what it costs to restore your home and possessions to the way they were. This is where Replacement Cost Value coverage comes into play. Replacement Cost coverage will cover the full cost of repair or replacement of your home and personal property with no deduction for depreciation. In other words, everything is replaced with new items equivalent to your old items when they were new.