Home Insurance: Dwelling coverage

Home Insurance: Dwelling coverage

This home insurance coverage provides for the repair or replacement of your damaged or destroyed home and attached structures, such as a deck or garage. Most homeowner policies provide replacement coverage. This insurance coverage pays the actual cost to replace your home up to the limit of your policy. The amount of coverage is generally a percentage of the amount it would cost the home insurance company to completely rebuild your home.

Some policies offer guaranteed replacement cost. Under this policy, the insurance company will pay the full cost to replace your home, even if it is above the policy limit. Before you have a loss, discuss with your agent or company how replacement costs work and the conditions of the insurance policy limit for your specific coverage.

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