It is important to first understand the difference between Replacement Cost and Actual Cash Value. Watch these videos to learn more:
There are instances where it makes sense to have an Actual Cash Value policy versus a Replacement Cost policy. Many contractors who can do most replacements themselves or who have bought a building for very cheap and not interested in rebuilding upon a total loss may not want a Replacement Cost policy.
You also have to do a Cost / Benefit Analysis for each type of policy.
Watch this video “Should I have replacement cost or actual cash value property insurance?” for more details:
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created by Ryan Hanley