Homeowner's insurance pays for losses and damage to your property if something unexpected happens, like a fire or burglary. When you have a mortgage, your lender wants to make sure your property is protected by insurance.

                                                                     Actual Value vs. Replacement Cost

On homeowners, renters, or condo policies, your property and belongings may be insured for either your property's actual cash value (ACV) or replacement cost value (RCV). Replacement cost value is the amount it will take to replace your property or belongings without any depreciation deduction. Actual cash value is the replacement cost value, minus depreciation.

Renters Insurance

Renters insurance protects your personal property in a rented apartment, condo, or home from unexpected circumstances such as theft, a fire, or sewer backup damage – and will pay you for lost or damaged possessions. It can also help protect you from liability if someone is injured on your property.