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Why Purchase Full Replacement Cost Coverage?
Aug 04, 2018
Why not save some money, have less coverage and rebuild a cheaper house?
Why? People buy “ replacement value ” coverage for a number of valid reasons:
- They like their current home construction and wish to keep it that way.
- They like their current home location and don’t want to move.
- They realize that most losses are partial and not total in nature.
- In the event of a partial loss, they want coverage that will pay for the cost to “replace” rather than face the potential of loss settlement that depreciates certain items.
- They want options in the event of a total or near total loss that don’t result in the only viable alternative being the purchase another home.
- They realize that the cost of demolition and debris removal may severely cut into the funds they would have to pursue purchasing another home.
- They realize that shopping for a new home may be more problematic than rebuilding their current one.
- In some areas… they understand that the cost to buy an existing home is greater than the cost to rebuild one that is damaged.
This article may have been originally published at Quora.com.
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