FACT or MYTH? If my home is destroyed, I don't have to build it back to get money from my insurance company. I can simply take the money to do as I please.

March 2017

MYTH! This is a common misconception. If your home incurs a total loss covered by a claim, your insurance carrier will provide you with the money to rebuild that home. It will not, however, provide you with the replacement cost to spend at your discretion.

At Peel & Holland, the exception to this rule is in the case of a Cincinnati Insurance Company Executive Classic policy designed for high-valued homes. If your home is appraised at a value exceeding $500,000 for replacement cost, you could qualify for this type of homeowner coverage.  With this coverage, you enjoy guaranteed replacement cost or the option to simply receive a monetary settlement in the amount of the appraised value. With typical policies, claim payments are made as reimbursements after reconstruction. With an Executive Classic Policy, homeowners have the option as to whether or not they elect to rebuild.

Has your home been adequately appraised? Call today to see if your home qualifies for this program.

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