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Replacement cost
Replacement, Cost, Guaranteed
Replacement value
Residence, Primary
Rider
Row house Replacement cost
If you have to make a property claim, your insurance company will
give you the cash value of all the items you have lost. When you
replace the item with a similar kind and quality within 180 days of
the day it was destroyed, the insurance company will pay you what
it cost you to replace the item. This means you are getting the
value of new items, not the depreciated value of what your
belongings were worth. Guaranteed
replacement cost
No matter how careful you and your insurer are when appraising your
home, it is possible to underestimate the replacement cost of the
building. The Guaranteed replacement cost option protects you from
being under-assessed, and will make up for any difference in the
replacement value, or will provide you with added compensation up
to an agreed amount. This coverage is for homeowners only. Replacement
value
If you have to make a property claim, we will give you the cash
value of all the items you have lost. When you replace the item
with a similar kind and quality within 180 days of the day it was
destroyed, the insurance company will pay you what it cost you to
replace the item. This means you are getting the value of new
items, not the depreciated value of what your belongings were
worth. Primary residence
The place where you spend the majority of your time is your primary
residence. Rider
When you add an option to your insurance policy that is not part of
the original document, it is called a "rider". A
rider can add or remove coverage on your policy for certain items.
For example, when you purchase the jewellery and furs option, you
are adding a rider to your policy that increases the coverage
limits for these items. Row
house
A row house (also called a townhouse) is a home where one of the
walls is shared by another person's residence. We use your type of
property to determine your rates.
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