Replacement Cost Coverage

Replacement Cost Coverage is an insurance policy feature that pays for the cost of replacing lost or damaged property without deducting for depreciation. This means if your belongings are destroyed, your insurance will cover the amount needed to buy new items of similar type and quality, rather than just reimbursing you for their current value considering age and wear. This type of coverage ensures that you can fully restore your home and possessions to their original condition after a loss, providing greater financial protection and peace of mind.