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Property Protection: The better
your coverage, the less you
will have to pay out of your own pocket if disaster
strikes.
Self Protection: You need enough
liability coverage to protect yourself from lawsuits
resulting from your negligence.
Lender Requirements: Your lender
may require you to cover the house for at least the
amount of the mortgage or the replacement cost of the
dwelling. You are not required to purchase insurance
from the insurer recommended by your lender.
Policy Requirements: Insurers
may impose some coverage requirements for replacement
cost protection. Preferred plans usually require policy
limits at 100% of replacement cost. Standard plans usually
require policy limits of at least 80% of replacement
cost.
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