Home Owners


The first thing you need to know about home insurance or property insurance is that there are two types of insurance policies available: Replacement Cost (RP) or Actual Cash Value (ACV).

Replacement Cost is the cost you’d pay to replace the property, with the exact same type and quality of items owned prior to the claim. Usually, this type of policy has a different premium than the policy of Actual Cash Value due to the fact that it covers a larger asset number.

The policy ACV equals the policy of Replacement Cost minus depreciation, which decreases the value of the property through time due to usage. The value insured is less, therefore, the premium is cheaper.

In addition to these two insurance policies, there are other coverages that spend on the necessities of each owner and the property. For more information, please contact us at 888-539-2102 or visit one of our offices in Chicago or suburbs.