Category: Home Insurance

You probably already know that having homeowner’s insurance is an important tool for protecting your family against the unknown. But what happens if your house is damaged by a storm or fire and needs to be completely replaced? And how much money will you be given for personal property?

That’s where Our Presley Insurance Group team can help. Keep reading to learn what you need to know about replacement cost coverage and homeowner’s insurance in Dallas, TX.

What is Replacement Cost Coverage?

Replacement cost coverage is a portion of your home insurance policy that pays for new items of like, kind, and quality if your home or belongings are damaged in a covered claim, like a fire or storm. This means that instead of receiving a depreciated amount for the building and your personal property, you’ll be given what it costs to replace this same item at today’s prices. 

Does Home Insurance Automatically Come with Replacement Cost Coverage?

Yes and no. With some home insurance carriers, replacement cost coverage is the default option. Others require you to upgrade from actual cash value (ACV) to replacement cost. This is why it is important to discuss your desire to have replacement cost coverage with your agent.

Will Replacement Cost Value Pay for Home Upgrades?

The thing about replacement cost value is that it doesn’t pay for upgrades for your home items. For example, if you have a basic 40-inch flatscreen television and your house burns down, your policy won’t pay for the 80-inch 4K you’ve had your eye on. Likewise, it is the same for building materials. If your kitchen countertops were ceramic tile before, your homeowner’s insurance wouldn’t pay for an upgrade to granite.

Ensure your family is fully protected with a Dallas, TX homeowner’s insurance policy. Please contact our Presley Insurance Group Team today to schedule an appointment.

Home insurance is one of the most important tools a homeowner can use to protect their investment. Although most people know they need home insurance, they may not know what the specific terms and conditions may be and exactly what is covered if there is a claim. 

Home Insurance Coverage

Each home insurance policy can differ, which is why it is important to work with an insurance agent who can help identify your personal needs and then offer insurance products that match your unique situation. Additionally, they can also help you get the contents of the home covered. In some cases, the policy has contents included. In others, there may be the need to get extra content insurance coverage added to the bundle. In either case, it is highly beneficial to have a knowledgeable professional on your side to help you make an informed decision. 

Agents Ready to Assist

Insurance agents make their clients needs a priority and will help guide them in the right direction whether it’s shopping for a policy, making changes, or filing a claim. Anyone who lives in the Dallas, TX area can rely on Presley Insurance Group to help them make the right choice and assist with any changes over the years. We are ready to work one on one to help you get the insurance protection you need to feel confident year-round.

Getting the right insurance coverage for a home is the best way to prevent losses and protect against future incidents. Let the agents at Presley Insurance Group help you get started with the process of finding the right policy if you live in or near Dallas, TX. Call or stop by today for more details.