Replacement Cost Coverage

Replacement Cost coverage provides for the full replacement at today's values of property lost due to a covered loss.

There are certain conditions that must be met for "Replacement Cost" coverage to respond:

• requires that the damaged property be actually repaired or replaced before payment is made under the policy
• The cost of repairs or replacement does not include the increased cost attributable to enforcement of any ordinance or law regulating the construction, use, or repair of any property.
• and, the Replacement Value of the property must be insured to at least the coinsurance requirement at the time of loss