Replacement Cost (Glossary Word)

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.

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?