Home Insurance Glossary

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G

Guaranteed replacement cost

Guaranteed replacement cost
No matter how careful you and your insurer are when appraising your home, it is possible to underestimate the replacement cost of the building. The Guaranteed replacement cost option protects you from being under-assessed, and will make up for any difference in the replacement value, or will provide you with added compensation up to an agreed amount. This coverage is for homeowners only.


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