Build a Bedroom

INSURANCE agents sell many homeowner policies as "replacement" policies, with the promise that they will pay for the replacement of a severely damaged home. But a close read shows that many of these policies are more limited than the term implies. To the insurer, replacement cost excludes any expenses for complying with building standards that did not exist when a home was built. This exclusion, embedded deep in the fine print of policies that are often 30 pages long, is called the "ordinance o... [More]
Tags: homeowners insurance housing property insurance