replacement value protection

replacement value protection

Insurance that will provide payments to replace insured goods, whatever that cost might be,rather than insurance in the amount of the current fair market value of the used goods.This could be important for personal property protection,but also for building insurance.Especially with historic homes built of high-quality durable materials with a great deal of handcrafted and decorative detail,the replacement value could be far in excess of the fair market value.

References in periodicals archive ?
We will achieve this through full replacement value protection and direct claims settlement.