Most policies these days cover replacement cost for structural damage, but it is wise to check with your insurance agent or company representative. A replacement cost policy will pay to have damaged property repaired or replaced with materials of similar kind and quality. If you own an older home you may not be able to buy a replacement cost policy. Instead, you may have to purchase a modified replacement cost policy. This means that instead of repairing or replacing features typical of older homes, like plaster walls and wooden doors, with similar materials, the policy will pay for repairs using the standard building materials and construction techniques in use today.
Insurance companies differ greatly in how they insure older homes.
Some won't insurance older homes for 100 percent of the replacement cost. Other companies will insure older homes for 100 percent of replacement cost as long as the dwelling is in good condition. Find out whether building codes in your community have changed significantly since your home was built. Building codes require structures to be built to minimum standards. If your home were severely damaged, you might have to rebuild it to comply with the new standards.