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Replacement policy is an insurance policy between an insurance company and a consumer which promises to pay the insured the replacement value of the subject of the policy if a loss occurs.

Guaranteed replacement cost is just that, it's guaranteed.If your replacement cost is estimated at $250,000 and the rebuild costs $310,000, the total cost of the rebuild will be covered under guaranteed replacement cost coverage.

Replacement cost is a term referring to the amount of money a business must currently spend to replace an essential asset like a real estate property, an investment security, a lien, or another item, with one of the same or higher value.

Replacement cost insurance is a coverage option for property insurance policies, especially homeowners insurance.Replacement cost is the amount of money it would cost to rebuild your home as it was before if it's destroyed, or to purchase brand new items if your old ones are damaged or stolen.

Sometimes called "RCV", the replacement cost value is the amount of money it would take to replace your damaged or destroyed home with the exact same or similar home in today's market. Some home insurance policies and endorsements also cover the replacement cost of personal property.

The difference is that replacement cost insurance pays for the full replacement cost of your items, whereas actual cash value insurance only pays for the depreciated value. With replacement cost insurance, you'll have enough money to replace your belongings.

Replacement cost coverage Sometimes called "RCV", the replacement cost value is the amount of money it would take to replace your damaged or destroyed home with the exact same or similar home in today's market. Some home insurance policies and endorsements also cover the replacement cost of personal property.