Common use of Homeowner’s Insurance Clause in Contracts

Homeowner’s Insurance. Homeowner’s Insurance coverage for the replacement value of your home must be secured at the Homeowner’s expense for the term of this Agreement. The replacement value of your home could be more or less than the value of the Grant. Therefore, the replacement value will be accepted at the value set by your insurance carrier to replace your home.

Homeowner’s Insurance. Homeowner’s Insurance coverage for the replacement value of your reconstructed home must be secured at the Homeowner’s expense after the reconstructed home is ready for the term of this Agreementoccupancy and before grant closeout. The replacement value of your home could be more or less than the value of the Grant. Therefore, the replacement value will be accepted at the value set by your insurance carrier to replace your home.