Homeowners

What is the difference between replacement cost and actual cash value on a Georgia homeowners policy?

Replacement cost pays what it costs to rebuild or replace your property with new materials at today's prices. Actual cash value pays replacement cost minus depreciation, so a 15-year-old roof that costs $20,000 to replace might pay $8,000 after depreciation. Most Georgia homeowners policies offer replacement cost on the dwelling. Personal property can be either, and the difference matters significantly at claim time. Always confirm both dwelling and personal property are on replacement cost.

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What is the difference between replacement cost and actual cash value on a Georgia homeowners policy?

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