Q - What is the coverage limit you need on your home to get things completely replaced without having it depreciated?
A - Most good homeowners insurance policies will pay a claim based on what it would take to repair or replace what is damaged without depreciation. Just ask your agent to make sure that you have replacement cost built in to your policy. In my opinion, the main concern you should have is making sure that you have enough dwelling coverage in the case of a total loss!
If you have a total loss of your home, it will not be depreciated, but most companies will only pay the amount you have the home insured for. The best companies have a provision in the policy that will pay up to 120% of the amount you have your dwelling insured for.
So, make sure you have enough dwelling coverage to totally replace your home, not including the land value. Also, make sure you review this amount annually with your agent. ~ Scott
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