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Cedrick Forrest Jan. 24, 2023

4 Coverages You Need to Consider for Your Residential Insurance Policy Before Hurricane Season

Hurricane Season is about more than hunkering down to weather the storm. Residential property owners need to be prepared for the aftermath. If your home is damaged or destroyed during a hurricane, you need to ensure that you have the right coverage to get your home and family back in shape. Residential coverages to consider: Actual Cash Value v. Replacement Cost

Actual Cash Value (ACV)

You have a couple of options regarding the types of homeowner’s insurance coverage you can buy. An Actual Cash Value policy covers the cost of the house and the value of your contents after depreciation is deducted. This is a good option if you are in a home that is relatively new and your furnishings and other contents are pretty new. With an ACV policy, you are guided by the depreciation of your home and contents. If you paid $500 for a bookshelf in 1985 the depreciated value in 2022 maybe $40. Your vintage pieces may not be easily replaced if the depreciation is pretty high.

Replacement Cost Value (RCV)

If you select a Replacement Cost Value policy, you have a better chance of being made whole. Replacement Cost Value policies cover the dollar value of your home and contents without reducing it for depreciation. Under RCV policy, you will have the chance to rebuild your home and replace your damaged or destroyed possessions up to the original value you paid. An RCV policy gives a bit more peace of mind but comes with a high price tag. Check your budget and determine what works best for you.

Extended Replacement Cost Value (ERCV)

If you are the type of homeowner that wants to ensure that your home’s structure and your possessions are replaced regardless of close, consider Extended Replacement Cost Value coverage. ERCV is a somewhat all-inclusive policy adage. This extended coverage encompasses the costs to repair or rebuild your house beyond your policy limit. The limit is capped at about 20%to 25% greater than your policy limit. Extended Replacement Cost Value coverage comes in handy with fire claims. When a home is completely burned down, the policyholder is entitled to the policy limit. With the extended coverage, you will be able to repair or replace your home and contents without inflation impacting your rebuild.

Other Structures (Coverage B)

Good fences make good neighbors, so long as the fence remains upright. Your fence is a primary example of Other Structures coverage you should consider in your homeowner’s insurance policy.

Examples of Other Structures:

Detached Garage Shed

In-Ground Pool



Typically, Coverage B represents other structures that are covered under your policy for the same perils as your house. In the same way, your home is covered so is your fence. For instance, if your tree falls on your fence, a storm damages your fence or when your neighbor’s tree falls on your fence, you are covered under Coverage B: Other Structures. If any of these events occur, you are covered and your insurance will kick in if the damage is greater than your policy deductible. When determining how much additional coverage you need for Other Structures we suggest you estimate the total cost to rebuild your detached garage if it was totally wiped out. If it would take

$30,000 to rebuild, then that’s what you should add to your Coverage B: Other Structures.

If your insurer is delaying payment or you have had your property damage claim denied wrongfully, it is essential that you contact a skilled property damage lawyer to assist with this often-complex process. The attorneys at the Cedrick D. Forrest Law firm are experienced, willing, and ready to advocate on your behalf to ensure that your property is repaired and that your rights are not jeopardized.


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