What Does Functional Replacement Cost Mean?

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What does Functional Replacement Cost mean? Read on to discover the definition & meaning of the term Functional Replacement Cost - to help you better understand the language used in insurance policies.

Functional Replacement Cost

Functional Replacement Cost

Method to determine reimbursement for some losses, particularly those to antique, ornate, or custom construction; the damaged property is repaired or replaced with less expensive, but functionally equivalent, materials.

We hope the you have a better understanding of the meaning of Functional Replacement Cost.

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