Q&A Topics

Thursday, March 27, 2014 11:42:56 AM

Are there different kinds of renters insurance?

There are 2 types of renters policies: cash value and replacement cost. A cash value policy pays to replace your property, minus a deduction for depreciation, up to the limit of your policy. A replacement cost policy pays to replace your property with no deduction for depreciation, up to the limit of your policy.

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Laura Adams is a personal finance expert, award-winning author, and consumer advocate. As Senior Insurance Analyst, she represents insuranceQuotes in the media and works to make sure consumers protect their financial futures by having the right kinds of insurance.

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