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Many insurance companies have changed the wording on homeowner policies from Guarantee Replacement Cost to Extended Dwelling Coverage with a percentage such as 25%.  In other words, if a home is insured for $200,000 they will not offer Guarantee Replacement Cost; however, they will go 25% over($50,000) over $200,000 in the event the rebuilding calculations are off.  However, it is the duty of the homeowner to report any/all substantial improvements(such as increasing size of home by adding on or changing an unfinished basement into a 3/4 finished basement) as both of these examples will increase the Rebuilding Cost/Replacement Cost to a home. 

This Extended Dwelling Coverage typically is NOT included on Market Value homeowner policies, as those policies are not rebuilding type of policies.  I'd suggest checking your policy to be sure which type of policy you selected. 

ANY further questions please contact Flanigan Insurance agency @ 314-727-6000.
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NOTICE: This and all content is developed from sources believed to be providing accurate information. The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional for detailed information regarding your individual situation. Some of this material was developed and shared by Flanigan Insurance Agency Inc to provide information that may be of interest. Flanigan Insurance Agency Inc is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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