Guaranteed replacement cost coverage insurance

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Guaranteed replacement cost coverage insurance

A policy that covers the full cost of replacing damaged property without any allowances or deductions, e.g., depreciation.

Guaranteed Replacement Cost Coverage Insurance

An insurance policy in which the insurer will pay the entire cost of replacing the insured asset if it is damaged or destroyed. That is, there is not maximum benefit on the policy; the insurer simply pays the replacement cost regardless of what it is. Importantly, a guaranteed replacement cost coverage plan does not take depreciation into account.
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