The first answer you received is a good one. There may be two types of policies available to you (1) Replacement Cost, and (2) Actual Cash Value. Of the two I recommend you consider an Owner's Package policy that includes Replacement Cost, Comprehensive General Liability, and Loss of Income. Most of the other things are standard. Also, keep in mind that you need a letter from your company's underwriter telling you specifically how settlement will be handled on the Replacement Cost for losses on your improvements. Some recent policy forms state that you must rebuild the same improvements on the same land in order to be reimbused for your loss. Then, some companies will only reimburse you after you have spent the money rebuilding. It is tricky, but the interpertation the underwriter gives you is what the courts in South Carolina will inforce. Let you attorney read the endorsements on your proposed policy in advance.
Nov 3, 2010