Replacement cost is a method that assigns value to a piece of property by considering the cost of repairing or replacing the property without taking into account depreciation (contrast with Actual Cash Value)
Coverage for the cost of replacing damaged property at the time of loss with that of similar kind and quality If you carry replacement cost coverage and have a loss, the insurer pays for the cost of a new replacement, minus any policy deductible
amount of money required to repair and replace an existing property with property of the same material and construction without deducting for depreciation
A determination of the cost to replace contents, rebuild your home, or repair damages with materials of like kind and quality, without subtracting for depreciation
Property The cost of replacing property without a reduction for depreciation By this method of determining value, damages for a claim would be the amount needed to replace the property using new materials Contrast with Actual Cash Value
The cost to repair or replace an insured item Some insurance only pays the actual cash or market value of the item at the time of the loss, not what it would cost to fix or replace it If you have personal property replacement cost coverage, your insurance will pay the full cost to repair an item or buy a new one
The cost to repair or replace property at construction costs prevailing at time of loss; the cost to repair or rebuild property without considering depreciation (See ACTUAL CASH VALUE )
The cost of replacing property without a reduction for depreciation By this method of determining value, damages for a claim would be the amount needed to replace the property using new materials Contrast with Actual Cash Value