Replacement Cost Coverage

For most homeowners, their home is their most valuable asset and, as such, many buy homeowner’s insurance to protect this valuable piece of property. When you buy homeowner’s insurance, you have several options available for varying levels of coverage. In general, the standard homeowner’s insurance policy includes replacement costs for certain hazards, such as fires, severe weather, and theft, and liability coverage for when someone injures themselves on your property. However, there are varying levels of cost replacement coverage. Typically, people are covered with replacement cost coverage, which does not fully compensate for all losses. Only a “guaranteed replacement cost coverage” policy will allow you to fully recover the expense of rebuilding your home as before.

If your home was damaged due to theft, a fire, severe weather, or other disaster, and your insurance company is attempting to underpay or deny your claim, you may need to consult with a Dallas insurance attorney about taking legal action to get the financial compensation you need. Contact our legal team of Smith Kendall, PLLC, at 214-361-6124 to speak with an attorney about your case today.

How Replacement Cost Coverage Is Calculated

Most people have only regular replacement cost coverage, which determines how much your insurance company is willing to pay in advance of any damage. This amount is calculated by looking at the state of your home at the time of your insurance coverage purchase. Factors taken into consideration include:

  • Location of the home
  • Size of the home
  • Number of rooms
  • Building material
  • Extra amenities

A rare, and expensive, type of insurance coverage is called “guaranteed replacement cost coverage.” This coverage guarantees that the cost of replacing damaged parts of your home is fully covered without any limitations.

Contact Us

At Smith Kendall, PLLC, our Dallas insurance attorneys are committed to helping people obtain the compensation from their insurance companies they need after their home is damaged. To speak with an attorney about your case today, contact us at 214-361-6124.

Contact Us

  • Disclaimer

    The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form. Privacy Policy

Office Location

Smith Kendall, PLLC

5910 North Central Expressway #925
Dallas, TX 75206

Phone: (214) 361-6124
Fax: (214) 361-6126

Contact | Map