Definition Series for the Insurance Illiterate: Replacement Costs

Definition of a Replacement Cost [ri-pleys-muh-nt kawst] // the cost to repair or replace property with material of similar kind and quality at today’s prices without deduction for depreciation. It’s like Actual Cash Value but without  depreciation. EXAMPLE OF REPLACEMENT COST John is a decent golfer unless he’s keeping score. He hits the links once […]