What is an HO 15 Endorsement?

Answer 1

An HO 15 endorsement, also known as the "Personal Property Replacement Cost" endorsement, is an add-on to a homeowner's insurance policy that provides coverage for personal belongings on a replacement cost basis rather than actual cash value. This means that in the event of a loss, the insurer will reimburse the policyholder for the cost to replace the lost or damaged items without deducting for depreciation. This endorsement enhances the protection of personal property, ensuring that homeowners can replace their items with new ones rather than receiving a lesser amount based on their depreciated value.