Regardless of whether you are a renter or an owner, you will have the following options when it comes to insuring your possessions:
- Actual cash value pays to replace your home or possessions minus a deduction for depreciation.
- Replacement cost pays the cost of rebuilding or repairing your home or replacing your possessions without a deduction for depreciation.
Our insurance needs change as circumstances in our lives change, which is why we recommend doing an annual insurance review. When you’re reviewing your insurance coverage, these questions can help you figure out whether you may need to talk to your insurance professional about making a change to your coverage.