Replacement Cost (Glossary Word)

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Replacement Cost

Insurance that pays to replace damaged property (building, possessions, vehicle, etc.) without deducting for depreciation. This amount is usually limited by a maximum dollar or percentage amount shown in an insurance policy.

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Other users searching for also searched for some of the following glossary words and FAQs.

Glossary Words

Insurance-to-Value
Kitchen
Dining Room
Market Value

FAQs

I'm not near any body of water. Is there any particular reason why I would need flood insurance? Doesn't my homeowner policy provide flood coverage?

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