Replacement value or replacement content ... Which one is better (for home owner insurance)?
My fiance and I just Bought a house and we are in The Process of getting quotes for insurance.One company Called us today.They Said optometrist do content replacement And That The Industry Is Moving Towards that.Is That true?
Content Replacement Does not SEEM like a very good deal Compared to replacement value, seeing as There Are Many Things You Have That Can not Be replaced.What Do They Do About Those items? Please help me Understand how it works.
Mariam Jaycox says...
You're saying the same thing, two different ways.
"Content replacement" is NOT standard wording.
There is guaranteed replacement cost on the dwelling, replacement cost on the dwelling, and replacement cost on the contents.Those three things are ALL DIFFERENT.
There are ALSO about eight other ways insurance companies pay for your claims.
Where they buy your stuff . . . I guess THEY pick the colors?So hot pink sheets in your son's room would be ok?Or, some hideous orange print?Or shag carpet?I'd suggest that the insurance company SHE represents, is doing that - but it's NOT industry standard - I've never heard of it before.
Posted on January 11, 2011
