There are two different types of coverage in most master insurance package policies. Actual cash value and replacement cost coverage. Brownstone Insurance provides replacement cost coverage.
Here’s the difference - - actual cash value coverage only provides the depreciated value of your property. For example, say you have a water leak and the carpets need to be replaced. They were new 10 years ago, and cost $5,000. Today, with 10 years of wear and tear, they are almost worthless at $200. This is the actual cash value, and it is all the insurance would pay.
Using the same example, replacement cost coverage would pay what it costs to replace the carpets today. If the current cost of replacing the carpet is $6,600, that is what would be paid by Brownstone Insurance.
Look over your insurance policy or contact your insurance agent to make sure you are protected by replacement cost coverage. Better yet, contact Brownstone Insurance for a free, no obligation quote and to discover the benefits of protecting your property with us.
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