Can You Fully Replace Everything?

What is total replacement insurance when it comes to a house, and what are the benefits?

QUESTION: Wes just paid of his house and wonder if he should get total replacement insurance on the house. Dave keeps it on his, and describes the benefits.

ANSWER: I keep it on mine. If you don’t, and instead have traditional homeowner’s insurance, and you don’t keep the amount on the policy equal to the value on the home, you will not be covered in the event of a fire. They pay a face amount plus a 20% kicker, and they don’t cover full, guaranteed replacement anymore. You either have to manage it or keep a policy that covers the full thing, no matter what.

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