Insurance Term:

Building Limit

Building Limit

Establishing a building limit for your property coverage is a way to be covered up if your property were a total loss. The property can be covered for its replacement value, which is the cost to repair or replace it with a similar kind and materials. It also can be insured for actual cash value, which is the replacement cost minus depreciation. To decrease the potential premium, the policy can be written to the full value with a high deductible.


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