Extended Replacement Cost

Insurance that pays to replace damaged property with new items of similar kind and quality without deducting for depreciation, resulting in higher payouts than actual cash value coverage.

The part of a homeowners or renters insurance policy that covers damage to the physical structure of your home, including walls, roof, and built-in appliances.

The repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost minus depreciation.

The decrease in value of property over time due to wear, tear, age, or obsolescence.

The cost to replace damaged or destroyed property with new property of similar kind and quality, without deduction for depreciation.

Specialized insurance coverage for property damage caused by flooding, typically not covered by standard homeowners insurance.