With replacement cost you may repair or replace an item with material of comparable kind and quality. Actual cash value is the replacement cost less deterioration, depreciation, and obsolescence. Most churches need replacement cost coverage. Ministers should have homeowners or renters insurance to cover personal property not covered by the church policy. Personal vehicles vandalized or stolen in your parking lot are generally not covered.
Coverage is also available for loss of rental value.
And if your parsonage is heavily damaged by fire, you might need to rent a home while repairs are being made. Some policies limit coverage for broken glass. Maintenance problems, such as a leaky basement or roof, and the damage they cause, are generally not insurable. A future InterConnections article will look at liability coverage. This page was last updated May 11, 2001.