What is Homeowners Insurance

​Here at Elevated Insurance Group we provide Homeowners insurance through multiple insurance carriers.

ACV (Actual Cash Value) vs RCV (Replacement Cost Value)

​ACV is the current market value of your property with depreciation. For example, if your 4 year old couch is destroyed in a fire, the insurance company typically will pay the cost minus the depreciation. RCV is the amount it would cost to replace your covered property with a similar item at today's prices including no  depreciation.  For example, if your 4 year old couch is destroyed in a fire, the insurance company would typically pay the full cost to replace it with no depreciation. Additionally, if you have a mortgage on your home, your lender may require you to maintain a certain level of homeowners insurance coverage. For most homeowners insurance, the cost between ACV and RCV is very minimal. Here at EIG Insurance we typically always recommend Replacement Cash Value.

Main types of coverages for a standard homeowners policy

Dwelling coverage: This covers the cost of repairing or rebuilding your home if it's damaged by a covered claim.

Other Structures: A type of insurance that is typically included in a homeowner's insurance policy. It provides protection for structures that are on your property but are not attached to your primary residence, such as sheds and detached garages.

Personal property coverage: This covers the cost of repairing or replacing your personal belongings if they are damaged or stolen.

Liability coverage: This covers you if you are sued for injuring someone or damaging their property.

Additional living expenses coverage: This covers the cost of living elsewhere if you can't live in your home because of a covered claim.

Are you locked into your current insurance company ?

Absolutely not! You have the right to shop your insurance around. However, it's important to be aware of any cancellation fees or penalties that may apply if you cancel your policy before it expires. Some insurance companies may charge fees or penalties if you cancel your policy before the end of the term. You should review the terms of your policy carefully before making any changes. We highly recommend sitting down with a local independent agent to review your insurance needs.

Read the Fine Print

​Not all home insurance is exactly the same. Most companies offer different types of endorsements such as sinkhole, sewer and drain back up, service line, equipment breakdown and several more. Be careful to understand what is covered and what is not covered.

Get several Homeowners Insurance quotes from the top rate companies from Elevated Insurance Group. EIG is an independent family owned insurance agency located in Hershey, PA. Give us a call at 717-500-1978 for a Homeowners Insurance quote

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