Guaranteed Replacement Cost: The Big Difference

When purchasing a home insurance policy, it’s important to buy enough coverage to protect yourself against financial loss if a catastrophe would occur.

Sixty-four percent of homes are undervalu100% Guaranteed Replacement Costed, and potentially underinsured, by an average of 19 percent, according to Marshall & Swift/Boeckh, a California-based company that calculates residential building cost data. In the event of a total loss, you may be responsible for making up the difference out of pocket, an amount that can easily mean tens of thousands of dollars.

That’s why Erie Insurance offers Guaranteed Replacement Cost.* That one extra word — guaranteed — means you’ll be covered if your home is damaged or destroyed from a fire, tornado or other covered loss. You could rebuild your home after a major loss without worrying about depreciation, policy limits or insurance construction costs once you’ve repaired or replaced the damaged property.

The coverage is available with Erie Insurance’s home insurance policies. For more information, contact our agency today.

*Guaranteed Replacement Cost requires home improvements over $5,000 to be reported within 90 days and may be limited by a Functional Replacement Cost Loss Settlement endorsement. Coverage of costs to comply with laws or ordinances is subject to limits. Depreciation may be deducted until repair or replacement is made. Visit eriesecurehome.com/details or talk to one of our agents for more information.

All That Glitters

For many people, jewelry isn’t just something that looks pretty—it has real sentimental value. Maybe it’s your class ring, or your grandmother’s pearl necklace. Maybe it’s the antique wedding ring your husband gave you when he proposed on bended knee, or maybe a killer diamond tennis bracelet you bought just because.

Whatever your jewelry means to you, it’s important to protect these financial and emotional investments. Many homeowners policies will cover a limited amount of jewelry in the case of theft or destruction, but what if you have more jewelry that needs protecting? In many cases, that can mean filling out long itemized forms for each and every piece of jewelry you own.

But with ErieSecure HomeSM, you can receive blanket jewelry coverage. That means you can insure your jewelry collection for a set amount—whether that’s $5,000 or $500,000. There’s no need to itemize and insure each piece separately; one policy covers them all. You simply need to have proof of ownership and an assessed value for each piece in case of loss, and you’re good to go.

Jewelry is so much more than just stones and metal. Don’t risk losing your precious belongings. Call us today to find out about blanket coverage for your jewelry and the other host of benefits from ErieSecure Home.