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Most people think that the "replacement cost" they have on their home insurance means that the home will be replaced if there is a total loss. Unfortunately, this is not an accurate understanding. An estimated 95% of home owner policies with "replacement cost" actually limit the amount of replacement cost to 20% or 25% more than the amount showing on your declarations page. The difference can mean a very substantial amount of out of pocket cost to the home owner. For example, the Insurance Journal reported on July 19th, 2004 that "State Farm customer Pam Mitchell had a policy for $358,195. Her … (5 comments)
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