How Do I Decide Which Suits My Needs?
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UPDATED: Sep 15, 2020
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Before writing the insurance check, consider what your home is worth, what it would cost to rebuild it if totally destroyed, and how much insurance you can afford. A replacement cost policy is probably the wisest choice on a newer home since you would need to rebuild it at current costs. On the other hand, if your home is vintage World War I with hand-made details and stained glass windows, but has a low market value, the actual cost value policy may provide adequate coverage (unless it is important to you to return the property to its original condition). For partial losses, an actual cash value policy might be a good choice, unless you have a serious or total loss in which case an actual cash value policy will not be enough to repair, rebuild or replace the property to its original condition.