Which of these kind of policies do you have?
- Replacement cost?
- Guaranteed replacement?
- Functional replacement?
- Extended replacement?
And oh yeah, any of those subject to a co-insurance penalty?
Insurance policies are contracts of adhesion, which means you don’t get to pick what parts of the contract you want to keep and what parts you want tossed out. You’re stuck with what’s written. But you DO get to choose which contract you want when you buy your insurance and despite common misconception, there are differences between what’s offered by Company A vs. Company B.
Maybe you don’t want to become an expert at reading insurance policies and understanding the differences between the above (and many other clauses), but you might want to be sure to choose an agent who’s done all that already and can recommend which is best for you.