replacement cost insurance

Definition

Insurance which replaces lost, stolen or destroyed property by paying current market prices, rather than depreciated value.

Use this term in a sentence

You should try to make sure that you get some good replacement cost insurance to limit your over all liability.

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Jenn decided that she would take out replacement cost insurance for her business machinery as she couldn't take the risk of not being able to afford it.

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The replacement cost insurance policy we held was great because our assets have surely been depreciated but we would benefit from insurance replacing them now.

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replacement cost depreciation replacement price