Home Owner's Insurance Questions

What Coverage is mandatory in Arkansas?
While Homeowner’s Insurance is not required by Arkansas law, it is usually required by mortgage companies.

What does Insurable Interest mean?
Insurable interest is a legitimate financial interest in the property being insured. The most common legitimate interest is ownership of the property being insured. Mortgage companies have an insurable interest due to the creditor-debtor financial relationship.

What is Replacement value?
Essentially, replacement value is the amount of money it would take to replace your home. Please note, replacement value is not what you paid for home, nor is it the amount you have mortgage. It is the current value of replacing your home and includes inflation rates since your initial purchase and the current cost of building materials and labor. It does not include the cost of the land on which your home sites.

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