What is Replacement Cost (Property) | Insurance glossary by upcover

Replacement cost values damaged or destroyed property at the price of buying new property of similar kind and quality, with no deduction for wear and tear. This cover lets the insured replace lost items with new equivalents. It differs from indemnity or market value methods, which factor in depreciation.

Related Terms

Sum Insured (Strata)

Market Value Cover (Strata)

Replacement Cost Cover (Strata)

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Related Term

Sum Insured (Strata)

Market Value Cover (Strata)

Replacement Cost Cover (Strata)

All Category

Financial

Legal

Insurance Documents

Fundraising

Employment

Policy

Risk Management

E&O

D&O

Commercial Insurance

Cyber

Compliance

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