What does Replacement Cost Policy mean? Read on to discover the definition & meaning of the term Replacement Cost Policy - to help you better understand the language used in insurance policies.
Replacement Cost Policy
Type of homeowners insurance policy that covers the cost to replace or repair the building and/or personal possessions (up to the policy's limit) which is more than the value covered by an actual cash value policy or a market value policy.
We hope the you have a better understanding of the meaning of Replacement Cost Policy.