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Your home is your single most important investment. You purchase insurance to cover unforeseen disasters such as fire, theft and water damage. Having the right insurance will give you the added comfort of knowing you can replace your home and personal belongings should a disaster happen.

PlatinumOne Insurance Agency always recommends you have replacement cost coverage on your home and personal property. Replacement Cost Insurance pays to repair or replace damaged property with like kind and quality, without deducting for depreciation, but limited by the maximum dollar amount shown on the declarations page of the policy. Replacement Cost is not the same as market value, which reflects your homes purchase price if sold. A home’s market value is influenced by things such as neighborhood desirability, local economic conditions, quality of school systems, tax rates, community services, and land value.

Building contractors or professional replacement cost appraisers are a good source for obtaining an estimated replacement cost of your home. Estimates from these sources should reflect your home’s features. PlatinumOne Insurance Agency, along with our insurance partners, can also help you determine a replacement value on your home. Keeping up with the current market conditions in your area and changing your coverage amount accordingly, will help you maintain replacement cost coverage for your home.

The cost of your insurance depends on the coverage you need and any discounts available to you. By insuring your home in combination with personal property, liability, vehicle and other insurance needs, you can save money.